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.
- 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 our recent figures on the number of property millionaires in Britain. 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.
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%). 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.
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||14.90%|
|South East England||56,026||50,066||11.90%|
|South West England||9,357||8,953||4.50%|
|North West England||4,746||7,354||-35.50%|
|North East England||1,698||2,762||-38.50%|
|Yorkshire & Humber||1,159||2,420||-52.10%|
Highest proportion of property millionaires
|Area||Avg. property values||% £1m+ properties|
|South Kensington (SW7)||£1,315,246||46%|
|Virginia Water, Surrey (GU25)||£1,004,283||30%|
|Notting Hill (W11)||£1,116,144||30%|
|West Brompton (SW10)||£1,023,909||29%|
|St John.s Wood (NW8)||£893,209||25%|
|Belgravia & Pimlico (SW1)||£913,209||23%|
We’ve added Houseprices.co.uk, the UK’s #1 sold house prices website, to the growing list of websites that we now either own directly or power exclusively.
Launched in 2005, Houseprices.co.uk was one of the first websites in the UK to offer Land Registry sold house price information free to consumers. It quickly became, and has since remained, the leading standalone website for property price paid data in the UK, attracting over 1 million visits per month and consistently listed as one of the Top 10 most-visited property websites in the UK, according to Nielsen (Source: MediaTel/UKOM).
Houseprices.co.uk offers users free access to over 11 million house price paid records in England and Wales that have sold since 2000. We will continue to operate it as a separate brand and website but it will now link directly to the Zoopla.co.uk website, allowing users to easily access local properties for sale, current property value estimates and other features and tools available on the Zoopla.co.uk website whilst also extending our reach even further and giving our agent and developer members exposure to a unique and unrivalled online audience.
The deal is a natural fit for us given our strength in online property pricing information. It is also a win for estate agents and homebuilders who advertise their properties on Zoopla.co.uk as they will now benefit from further exposure and leads as a result of this deal.
Houseprices.co.uk has built a very strong following over the years by offering a great service, which we intend to continue.