Continued strong demand for prime residential property throughout 2013 has created 92,985 more property millionaires in Britain over the past 12 months, according to the latest research from property website Zoopla.co.uk.
The total number of British property millionaires now stands at 393,127, up 31% compared to this time last year, with a high concentration in London and the South East as a result of strong house price growth at the top-end of the property market.
As 2013 draws to a close, 1.4% of British homeowners will finish the year as property millionaires. 61% (239,703) of all Britain’s property millionaires can now be found in London. Limited supply of prime property in the capital has pushed the value of a further 57,120 London homes over the £1 million mark in the last 12 months, creating 156 new property millionaires in the capital every day throughout 2013.
The exclusive borough of Kensington and Chelsea is home to the highest number of property millionaires totaling 41,393 (17% of the capital’s total), despite being the smallest London borough covering just 12km². Westminster (40,087), home of such famous Monopoly addresses as Mayfair and Park Lane, and Camden (23,873) round out the top three London boroughs with the most property millionaires.
Outside London, 21,028 more property millionaires were created in the South East during the past year, bringing the total to 82,614. The highest proportion of property millionaires outside the capital can be found in the affluent Surrey area of Virginia Water (GU25) where 32% of homes are now worth over £1 million. Beaconsfield (HP9) and Chalfont St Giles (HP8) come in second and third respectively for having the highest proportion of million pound homes. Wales is home to the fewest property millionaires in Britain, numbering just over 1,000 in total but still up 24% on 2012.
Lawrence Hall of Zoopla.co.uk said:
“While Government schemes such as Help to Buy have concentrated popular attention on the lower rungs of the property ladder this year, there’s been a hive of activity propelling house price growth at the top-end of the market. As more and more British properties climb past the million pound level, the impact of a possible Mansion Tax would be wide reaching and risk impacting a significant number of British homeowners both at the top of the market and on the lower rungs of the property ladder.”
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