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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 PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.

About Zoopla

Hello. We're Zoopla. A property website and app.

We know you're not just looking for a place to live. You're looking for a home.

Yeah, we've got over a million properties for you to browse.

Tools that let you filter them in all kinds of clever ways.

And reliable house price estimates, so you can be sure you aren't paying over the odds.

But we know you're looking for more than that.

Because that first flat won't just be a 'great investment opportunity'.

It'll be the feeling of starting out on your own.

That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.

And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.

We know that searching for a home is about more than just checking its price, location and features (important as all those things are).

What really matters is how it makes you feel.

We know what a home is really worth.

So let us help you find yours.

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