Zoopla.co.uk research: Number of British property millionaires hits 300,000
January 8, 2013 at 2:33 PM Lawrence Hall 1 comment
7 bedroom property for sale £29,000,000Holland Villas Road, London (Knight Frank)
Last year, 47,024 homeowners crossed that £1m+ threshold and now own a home with a property value of more than a £1m.
Whilst the value of the average British home has risen by £2,298 over the last year, 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.
This has led to a 19% increase in number of property millionaires in 2012 resulting in 300,142 property millionaires in Britain. 64% of which 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.
In terms of the crown for the most property millionaires in Britain, this goes to Kensington, W8 in London 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.
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 West England | 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 / 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
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Matthew | January 8, 2013 at 2:49 PM
I am truly delighted for the new millionaires. Could someone explain, why, when houses for us peasants are difficult to finance. Money is apparently available to increase the value of expensive houses, something is incorrect somewhere as I thought the country was having monetary difficulties generally, or is that wrong! This is a genuine query, and I don’t want some, chip on the shoulder reply.