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Number of property millionaires in Britain climbs 6% in 2010

23rd December 2010

- But the North sees its property millionaire ranks decimated -

  • 12,811 more property millionaires now than at end of last year
  • Equivalent to 35 new property millionaires created daily in 2010
  • Ranks swell in the South but decline sharply elsewhere in country
  • 1 in 118 homes in Britain now worth £1m or more (1 in 97 at peak in .07)

Never has the widening gap between North and South been so stark as is shown by the latest figures on the number of property millionaires in Britain from leading property website Zoopla.co.uk. Overall, 2010 saw the creation of an additional 12,811 British property millionaires, taking their ranks to 226,344 or one in 118 homeowners in Britain today. At the peak of the market in 2007, one in 97 properties were valued at over £1 million.

The biggest gains were seen in London, the South East and East of England, all regions where the percentage of property millionaires grew by double-digits throughout 2010. At the other end of the scale, the number of property millionaires in Wales and Yorkshire & the Humber halved over the past 12 months, according to the research by Zoopla.co.uk which provides free, instant value estimates for every home in the country.

London and the South East are now home to four out of every five (79%) million-pound properties in Britain with London alone accounting for over half the national total (54%). And whilst the number of property millionaires in London and the South East grew by 11.1% and 11.9% respectively in 2010, Scotland saw its property millionaire ranks fall by 13.7% and the number of Welsh property millionaires fell by a staggering 48.8%.

London is also, not surprisingly, home to nine of the top ten areas in Britain with the highest proportion of homes that are valued at over £1m, led by Kensington (W8) where more than half (52%) of all homes are worth more than £1m. The only area outside London making the top ten was Virginia Water in Surrey (GU25) where 30% of homes are in the million pound plus bracket.

Nick Leeming of Zoopla.co.uk said: "The North vs. South wealth divide is now starker than ever. Whilst property values have recovered well at the top end of the property market, the rest of the market and particularly the North have seen a steep decline in high-end property values. The prime market in the South has been impacted far less by the mortgage squeeze as a result of the inflow of foreign money and the strength in the City keeping demand for million pound pads at peak levels."

Change in number of property millionaires in Britain

Region No. of Property Millionaires
(Dec .10)
No. of Property Millionaires
(Dec .09)
% change over
last 12 months
East of England 18,454 16,068 14.9%
South East England 56,026 50,066 11.9%
London 123,236 110,890 11.1%
South West England 9,357 8,953 4.5%
Scotland 6,062 7,023 -13.7%
East Midlands 1,634 1,927 -15.2%
West Midlands 3,393 4,942 -31.3%
North West England 4,746 7,354 -35.5%
North East England 1,698 2,762 -38.5%
Wales 578 1,129 -48.8%
Yorkshire & Humber 1,159 2,420 -52.1%
TOTAL BRITAIN 226,344 213,533 6.0%

Source: Zoopla.co.uk

Highest proportion of property millionaires

Area Avg. property values % £1m+ properties
Kensington (W8) £1,599,573 52%
South Kensington (SW7) £1,315,246 46%
Chelsea (SW3) £1,315,315 40%
Barnes (SW13) £905,140 33%
Virginia Water, Surrey (GU25) £1,004,283 30%
Notting Hill (W11) £1,116,144 30%
West Brompton (SW10) £1,023,909 29%
Westminster (W1) £876,857 26%
Hampstead & Belsize Park (NW3) £932,686 26%
St John.s Wood (NW8) £893,209 25%
Belgravia & Pimlico (SW1) £913,209 23%

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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