Number of property millionaires in Britain climbs 6% in 2010
23rd December 2010
- But the North sees its property millionaire ranks decimated -
- 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 the latest figures on the number of property millionaires in Britain from leading property website Zoopla.co.uk. 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, according to the research by Zoopla.co.uk which provides free, instant value estimates for every home in the country.
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%). And 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.
Nick Leeming of Zoopla.co.uk said: "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."
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 | 14.9% |
| South East England | 56,026 | 50,066 | 11.9% |
| London | 123,236 | 110,890 | 11.1% |
| South West England | 9,357 | 8,953 | 4.5% |
| Scotland | 6,062 | 7,023 | -13.7% |
| East Midlands | 1,634 | 1,927 | -15.2% |
| West Midlands | 3,393 | 4,942 | -31.3% |
| North West England | 4,746 | 7,354 | -35.5% |
| North East England | 1,698 | 2,762 | -38.5% |
| Wales | 578 | 1,129 | -48.8% |
| Yorkshire & Humber | 1,159 | 2,420 | -52.1% |
| TOTAL BRITAIN | 226,344 | 213,533 | 6.0% |
Source: Zoopla.co.uk
Highest proportion of property millionaires
| Area | Avg. property values | % £1m+ properties |
|---|---|---|
| Kensington (W8) | £1,599,573 | 52% |
| South Kensington (SW7) | £1,315,246 | 46% |
| Chelsea (SW3) | £1,315,315 | 40% |
| Barnes (SW13) | £905,140 | 33% |
| Virginia Water, Surrey (GU25) | £1,004,283 | 30% |
| Notting Hill (W11) | £1,116,144 | 30% |
| West Brompton (SW10) | £1,023,909 | 29% |
| Westminster (W1) | £876,857 | 26% |
| Hampstead & Belsize Park (NW3) | £932,686 | 26% |
| St John.s Wood (NW8) | £893,209 | 25% |
| Belgravia & Pimlico (SW1) | £913,209 | 23% |
Source: Zoopla.co.uk
- Ends -
For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.
About Zoopla
Hello. We're Zoopla. A property website and app.
We know you're not just looking for a place to live. You're looking for a home.
Yeah, we've got over a million properties for you to browse.
Tools that let you filter them in all kinds of clever ways.
And reliable house price estimates, so you can be sure you aren't paying over the odds.
But we know you're looking for more than that.
Because that first flat won't just be a 'great investment opportunity'.
It'll be the feeling of starting out on your own.
That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.
And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.
We know that searching for a home is about more than just checking its price, location and features (important as all those things are).
What really matters is how it makes you feel.
We know what a home is really worth.
So let us help you find yours.
Zoopla is part of Zoopla Limited which was founded in 2007.
Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 06074771
VAT Registration number: 191 2231 33
Data Protection number: Z9972266