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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 picture

The 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
Source: Zoopla.co.uk

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%
Source: Zoopla.co.uk

- Ends -

For further information, please contact Tim Vooght at pr@zoopla.co.uk or on 020 3872 5615.

Notes to editors

Zoopla is the UK's most comprehensive property website, focused on empowering users with the resources they need to make better-informed property decisions. We help consumers both find their next home and research the market by combining hundreds of thousands of property listings with market data, local information and community tools.

At Zoopla we are fans of transparency and everything we do is aimed at making the market more efficient for both property consumers and advertisers alike. Zoopla has rapidly become the UK’s leading online destination for property consumers to search for homes and do their market research and the favoured online marketing partner for UK estate agents, letting agents and property developers.

Launched in 2008, Zoopla has since been one of the fastest growing websites in the UK, now attracting over 40 million visits per month and we are proud to have collected numerous awards and accolades along the way, including being named one of the Top 10 UK Tech Companies (Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).

Zoopla is part of Zoopla Limited which was founded in 2007.

Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 09005884
VAT Registration number: 191 2231 33
Data Protection number: Z9972266

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