Landlords Alliance – Emergency Euro Elections Statement21:09 PM, 21st May 2019
About 4 days ago 70
Despite uncertain house prices, a staggering 35 new property millionaires woke up every day last year to find their homes had hit the seven-digit landmark.
Most of them lived in leafy London suburbs rather than north of Watford.
Foreign buyers snapping up chic homes in the capital for cash has kept the market buoyant while the rest of the country has suffered from a squeeze on mortgages that has pushed prices down.
Property portal Zoopla reports 2010 saw 12,811 homeowners celebrating their properties were now worth a £1 million or more – taking the number of properties at the top of the market up to 226,344 or 1-in-118 of all homes in Britain today.
At the peak of the market in 2007, only 1-in-97 properties were valued at over £1 million.
Posh Kensington is the priciest UK postcode
The biggest gains were seen in London and the Home Counties, where the number of property millionaires swelled by double-digits throughout last year. At the other end of the scale, the number of property millionaires in Wales and Yorkshire and the Humber halved.
London and the South East accounts four out of every five (79%) million-pound properties in Britain, with London alone chalking up over half the national total (54%).
While the number of property millionaires in London and the South East grew by 11% in 2010, Scotland lost 13.7% and the number in Wales plummeted by 48.8%.
London is also home to nine of the top 10 areas in the UK with the highest proportion of homes that are valued at over £1 million, led by Kensington (W8) where more than half (52%) of all homes are worth more than £1 million.
The only area outside London making the top 10 was Virginia Water in Surrey (GU25) where 30% of homes are in the £1 million pound plus bracket.
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