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Number of British property millionaires rises by 200 a day as house prices soar


12-20-2015

Average prices in Kensington & Chelsea have risen by more than £125,000 in the past year

Average prices in Kensington & Chelsea have risen by more than £125,000 in the past year

NUMBER OF PROPERTY MILLIONAIRES IN BRITAIN
Rank Region No. of Property Millionaires (Dec '15) No. of Property Millionaires (Jan '15) % Change in £1M+ Homes (Jan '15 - Dec '15)
1 East of England 46,863 36,528 28.30%
2 Yorkshire and The Humber 3,041 2,445 24.40%
3 East Midlands 4,284 3,510 22.00%
4 North East England 3,540 2,957 19.70%
5 South East England 133,063 111,177 19.70%
6 South West England 22,896 19,339 18.40%
7 West Midlands 7,306 6,380 14.50%
8 Wales 1,404 1,260 11.40%
9 London 380,337 346,466 9.80%
10 North West England 8,412 7,774 8.20%
11 Scotland 8,893 9,308 -4.50%
TOTAL 622,939 547,143 13.80%

Source: Zoopla

The most expensive streets are in London's borough of Kensington & Chelsea, where prices have risen more than £125,906 to £2,197,170 in the past year, and Westminster, where values have increased by £45,154 to £1,193,337 during the same period.


However, they have seen the smallest rise in £1million homes of any London borough in the past year, up just 0.9 per cent and 0.6 per cent respectively.

 

 

     

 

Homes with a £1m price tag include this five bedroom terrace house near south London's Brockwell Park 

Homes with a £1m price tag include this five bedroom terrace house near south London's Brockwell Park 

This five bedroom detached house in St Albans is also available to those with a £1m budget

This five bedroom detached house in St Albans is also available to those with a £1m budget

The boroughs with the greatest increases in the past year are within the top 10 lowest average priced boroughs in London, including Barking & Dagenham, Newham, Redbridge and Waltham Forest.

Mark Harris, chief executive of mortgage brokers SPF Private Clients, said: 'The upwards march of house prices means more of us are property millionaires than ever before. The surprising thing is that the real growth in million-pound homes is in poorer parts of London where gentrification is becoming increasingly marked.'

The largest increases outside of London were in the East of England and Yorkshire and The Humber, up 28 per cent and 24 per cent respectively.

By contrast, Wales has the fewest million pound properties in Britain with only 1,404 in total. This is despite a significant 11 per cent uplift since January.

Scotland was the only region to see a decrease in the number of million pound homes in 2015, falling 4.5 per cent to less than 9,000 since the beginning of the year.

 

This one bedroom flat in London's fashionable area of Chelsea has a price tag of £1million

This one bedroom flat in London's fashionable area of Chelsea has a price tag of £1million

This four bedroom detached property in Bishop Auckland is available for the same price

This four bedroom detached property in Bishop Auckland is available for the same price

Zoopla spokesman Lawrence Hall said: 'It's interesting to see that areas such as the East of England and Yorkshire have seen bigger percentage rises in the numbers of property millionaires over the last 12 months compared with the south which typically dominates each year. However the number of properties valued at more than £1m in the south still outweigh the rest of Britain boosted by wealthy hotspots such as Kensington & Chelsea and Westminster.

'With an improving economy and the ongoing lack of housing supply, this continues to put upward pressure on house prices at all levels of the market and has nudged a whole new raft of properties over the £1m mark. A price tag that was once the exclusive preserve of stately homes or massive mansions is now an increasingly common label for more modest houses, particularly in the capital.'

 

LONDON BOROUGHS WITH LARGEST PERCENTAGE INCREASE IN PROPERTY MILLIONAIRES
Rank Borough No. of Property Millionaires (Dec '15) No. of Property Millionaires (Jan '15) % Increase in £1M+ Properties (Jan '15 - Dec '15)
1 Barking & Dagenham 10 3 288.00%
2 Newham 227 121 87.90%
3 Redbridge 1,771 1,136 55.90%
4 Waltham Forest 1,330 854 55.70%
5 Havering 1,134 778 45.70%
6 Hackney 7,977 5,475 45.70%
7 Enfield 2,658 1,831 45.20%
8 Hillingdon 3,824 2,730 40.10%
9 Brent 6,212 4,539 36.80%
10 Harrow 5,118 3,817 34.10%
Source: Zoopla       
LONDON BOROUGHS WITH HIGHEST NUMBER OF PROPERTY MILLIONAIRES
Rank Borough No. of Property Millionaires (Dec '15) £1M+ Properties as a % of Total % Increase in £1M+ Properties (Jan '15 - Dec '15)
1 Westminster 51,607 47% 0.90%
2 Kensington and Chelsea 44,972 57% 0.60%
3 Camden 33,902 33% 9.50%
4 Wandsworth 30,605 24% 3.60%
5 Hammersmith & Fulham 29,396 37% 5.40%
6 Richmond upon Thames 21,020 27% 6.10%
7 Islington 20,829 20% 9.80%
8 Barnet 19,714 15% 8.80%
9 Lambeth 15,586 12% 13.00%
10 Southwark 14,669 11% 31.80%
Source: Zoopla       

 

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