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Number of UK property millionaires breaks 300,000

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Written by:
03/01/2013
Burgeoning demand for top-end houses created 47,024 new property millionaires in the UK in 2012, taking the total number to 300,142, according to property website Zoopla.co.uk.

Zoopla attributed the growth to demand from equity-rich buyers looking to purchase prime property predominantly in London and the South East.

According to its figures, 64% of the UK’s property millionaires 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.

The borough of Kensington and Chelsea in west London is home to the most property millionaires in the country.

The average property value in the borough is worth £2,186,471 and 64% of all the properties are worth more than £1m. The most expensive street in the UK, known as ‘Billionaire’s Row’ is Kensington Palace Gardens, where the average home is worth over £25m.

Kensington and Chelsea is home to 36,293 property millionaires, 12% of the total. It is followed closely by the borough of Westminster (32,477) and in third place is the borough of Camden (18,400).

Lawrence Hall of Zoopla.co.uk said: “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.”

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