There are 35,000 fewer property millionaires in the UK than this time a year ago, according to figures from Zoopla.
The figures say that just 733,777 homeowners now have a property valued at £1m or more, down from 768,553 in 2018.
Closer analysis shows that the fall was mainly due to property price falls in London and the South East – although the vast majority of £1m plus properties are still located there. However the regions, such as the East of England and West Midlands saw significant growth in numbers of properties worth over £1m.
Annabel Dixon, spokesperson for Zoopla, says: “It’s hard to ignore the overall decline in million pound properties in the past 12 months. But it’s clear to see the majority of this decline resides in London. Outside of the capital, there has been significant growth in seven figure properties, especially in the East of England and West Midlands.”
While Zoopla’s number crunching was likely done on a ‘just for fun’ basis with a home owning readership in mind there is a sobering message here for investors too: That is, property values can (and do) go down as well as up – and understanding location is paramount in order to succeed in the market.