Number of British property millionaires hits 300,000
7th January 2013
- 47,024 new property millionaires created in 2012
- 19% increase in number of property millionaires in 2012
- 64% of British property millionaires live in London
- Kensington is the prime property capital of Britain
Strong demand for prime residential property during 2012 has created 47,024 more British property millionaires over the past 12 months, according to the latest research from property website Zoopla.co.uk.
There are now 300,142 property millionaires in Britain, up 19% from this time last year. The increase in property prices at the top-end of the market during 2012 was notably sharper than the rest of the property market where house prices grew by just 1% overall. House price growth in London and the South East, fuelled by demand from equity-rich buyers and limited supply, helped push the value of a further 47,024 UK properties over £1 million during 2012.
Almost two-thirds (64%) of Britain’s property millionaires live in London. The capital is home to 182,583 property millionaires, with 36,815 more created in the last 12 months, equivalent to 100 new property millionaires being created every day in the capital throughout 2012.
Kensington, W8 in London wears the crown for the most property millionaires in Britain with an average property value currently of £2,186,471 and where a staggering 64% of all homes are currently worth over £1 million. The luxury pads of Kensington are home to Roman Abramovich along with the Duke and Duchess of Cambridge and where the value of the equivalent floor space to an Amazon Kindle (228cm²) is an eye-watering £389.
The most expensive street in the Britain is Kensington Palace Gardens. Dubbed ‘Billionaires Row’, the average home on the street is worth over £25 million. This exclusive address is home to Russian-American businessman Leonard Blavatnik, the UK’s 6th richest man, and to Lakshmi Mittal, the wealthiest man in the UK with a personal fortune of around £9.8 billion.
The London pictureThe borough of Kensington and Chelsea is home to the most property millionaires with 36,293. Despite being the smallest London borough, covering just 12km², it contains 12% of Britain’s property millionaires. It is followed closely by the borough of Westminster (32,477) which includes the famous areas of Mayfair and Park Lane. In third place is the borough of Camden (18,400), which includes Primrose Hill, home of famous property millionaires such as James Cordon, Daniel Craig, Jamie Oliver and Ed Miliband.
Lawrence Hall of Zoopla.co.uk, said: “The top end of the property market operates seemingly in isolation to the rest of the market. Wealthier buyers are relatively impervious to the economic problems affecting the rest of the market, most notably when it comes to getting a mortgage. Foreign buyers in particular have gravitated towards top-end property in London over the last few years, which has pushed up demand and prices on more expensive property as they try to secure a limited supply of top-end homes in the capital.”
Number of property millionaires in Britain
| Rank | Region | No. of property millionaires (Dec ’12) | No. of property millionaires (Dec ’11) | Change over last 12 months |
|---|---|---|---|---|
| 1 | London | 182,583 | 145,768 | 36,815 |
| 2 | South East England | 61,586 | 57,736 | 3,850 |
| 3 | South West England | 12,094 | 9,793 | 2,301 |
| 4 | East of England | 20,470 | 19,123 | 1,347 |
| 5 | North WestEngland | 5,586 | 4,963 | 623 |
| 6 | West Midlands | 4,087 | 3,486 | 601 |
| 7 | Scotland | 7,264 | 6,835 | 429 |
| 8 | North East England | 2,082 | 1,744 | 338 |
| 9 | Yorkshire & The Humber | 1,541 | 1,270 | 271 |
| 10 | East Midlands | 2,003 | 1,757 | 246 |
| 11 | Wales | 844 | 643 | 201 |
| TOTAL BRITAIN | 300,142 | 253,118 | 47,024 |
Highest proportion of property millionaires
| Rank | Area | Avg. property values | £1m+ properties |
|---|---|---|---|
| 1 | Kensington (W8) | £2,186,471 | 64% |
| 2 | South Kensington (SW7) | £1,830,093 | 63% |
| 3 | Chelsea (SW3) | £1,650,364 | 49% |
| 4 | Westminster (W1) | £1,226,655 | 42% |
| 5 | Barnes (SW13) | £1,079,808 | 40% |
| 6 | Notting Hill (W11) | £1,475,540 | 39% |
| 7 | West Brompton (SW10) | £1,277,950 | 37% |
| 8 | Belgravia & Pimlico (SW1) | £1,178,742 | 34% |
| 9 | Earl's Court (SW5) | £985,327 | 32% |
| 10 | Hampstead & BelsizePark (NW3) | £1,069,623 | 31% |
- Ends -
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