Who wants to be a property millionaire? Zoopla reveals there are now more than 750,000 £1m+ homes in Britain
Number of property millionaires in Britain is now 768,553
Guildford is the town with the most property millionaires (5,889)
Nearly half (49 per cent) of all homes in Beaconsfield are valued at £1m or more
Zoopla launches £1m property calculator tool showing homeowners when their home might hit the £1m mark
There are now 768,553 property millionaires in Britain, accounting for 2.7 per cent of the nation’s housing stock, according to new data from Zoopla. This is a rise of 143,476 (22.95 per cent) property millionaires since August 2016 when the data was last analysed.
The latest figures are released alongside the launch of a new tool from Zoopla, which allows users to see when their own home may reach the magic £1m mark. The £1m property calculator uses 20 years’ worth of Zoopla property price data to estimate when homes across Britain might be worth £1m.
Zoopla’s latest analysis revealed that there is still a clear north-south divide when it comes to property millionaires. Unsurprisingly, London reigns supreme in the bucks and mortar stakes with the most property millionaires (430,720), which equates to 12.8 per cent of the capital’s total housing. The affluent South East follows in second place with 180,397 homes worth £1 million or more and the East of England in third (69,840). However, heading across Britain, Wales has the fewest property millionaires with just 2,223 homes worth £1 million or more, followed by Yorkshire and the Humber and North East England with 4,103 and 4,835 property millionaires respectively.
At a more local level, the research also reveals the 50 British towns which are home to the highest number of property millionaires. Top of the list, it would seem that Guildford’s streets are paved with gold with 5,889 £1m+ homes in the Surrey town– accounting for 13 per cent of all properties in the area. The university hubs of Cambridge (5,530) and Reading (5,421), are second and third respectively.
At the other end of the list, bringing up the rear is leafy Walton-On-Thames with just 1,999 properties meeting the golden price tag. Cheltenham and Dorking are second and third from bottom respectively, with 2,015, and 2,046 property millionaires. Although Beaconsfield (Buckinghamshire) is midway down the rankings for quantity of property millionaires, proportionally nearly half (49 per cent) of homes in the area fall into the millionaire price bracket.
Within the capital, the borough of Westminster cashes in with the highest number of property millionaires (54,231), which make up 49 per cent of the area’s properties. Regal Kensington and Chelsea follows in second place (45,366) and Camden in third (37,908). Meanwhile, outer-London borough, Barking and Dagenham, is home to the fewest million-pound homes with just 20 breaking into this value bracket – just 0.03 per cent of the total housing market. The boroughs of Bexley and Newham aren’t far behind with just 578 and 608 property millionaires respectively.
Lawrence Hall, spokesperson for Zoopla comments: “Whilst there might be a greater number of £1m+ properties than ever before, the data shows that they still only represent a small fraction of all UK housing stock. Our latest tool allows curious homeowners to dream a little and see when their home might hit the million-pound mark.”
Follow this link to try out the £1m property calculator
British regions ranked by number of £1m+ properties
Rank | Region | Number of £1m+ properties | Number of £1m+ properties as proportion of total housing stock | Average current property value |
|---|---|---|---|---|
1 | London | 430,720 | 12.8% | £675,382 |
2 | South East England | 180,397 | 4.5% | £414,245 |
3 | East of England | 69,840 | 2.6% | £360,731 |
4 | South West England | 33,717 | 1.2% | £306,029 |
5 | North West England | 12,552 | 0.4% | £194,093 |
6 | West Midlands | 12,219 | 0.5% | £226,519 |
7 | Scotland | 11,101 | 0.4% | £188,850 |
8 | East Midlands | 6,845 | 0.3% | £215,461 |
9 | North East England | 4,835 | 0.3% | £189,290 |
10 | Yorkshire & The Humber | 4,103 | 0.2% | £177,016 |
11 | Wales | 2,223 | 0.2% | £186,271 |
Top 10 British post towns with the most £1m+ properties
Rank | Post Town | Number of £1m+ properties | Number of £1m+ properties as proportion of total housing stock | Average current property value |
|---|---|---|---|---|
1 | Guildford | 5,889 | 13% | £599,667 |
2 | Cambridge | 5,530 | 5% | £472,350 |
3 | Reading | 5,421 | 4% | £433,781 |
4 | Sevenoaks | 5,416 | 19% | £693,477 |
5 | Oxford | 5,242 | 7% | £523,802 |
6 | St. Albans | 4,981 | 10% | £596,890 |
7 | Bristol | 4,792 | 1% | £328,023 |
8 | Edinburgh | 4,759 | 2% | £285,118 |
9 | Leatherhead | 4,707 | 24% | £796,637 |
10 | Twickenham | 4,596 | 18% | £768,793 |
Top 10 London Boroughs with the most £1m+ properties
Rank | London Borough | Number of £1m+ properties | Number of £1m+ properties as proportion of total housing stock | Average current property value |
|---|---|---|---|---|
1 | Westminster | 54,231 | 49% | £1,409,251 |
2 | Kensington & Chelsea | 45,366 | 58% | £2,162,539 |
3 | Camden | 37,908 | 36% | £1,219,525 |
4 | Wandsworth | 30,686 | 24% | £750,488 |
5 | Hammersmith & Fulham | 30,019 | 37% | £974,352 |
6 | Barnet | 24,719 | 18% | £648,074 |
7 | Richmond upon Thames | 23,322 | 29% | £857,258 |
8 | Islington | 22,973 | 22% | £823,309 |
9 | Lambeth | 17,701 | 13% | £653,052 |
10 | Southwark | 17,428 | 12% | £622,063 |
Source: Zoopla, December 2017
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