Half A Million Londoners Are Now Property Millionaires

Almost half a million Londoners are now “property millionaires”, an analysis shows.

The research from Zoopla reveals London has 430,720 properties with a value of at least £1 million, equating to 12.8% of the capital’s total housing.

The postcode with the most million-pound properties is SW6, covering Fulham and Parson’s Green, with 14,020.

Next is NW3, covering Belsize Park and Hampstead, with 12,500, and N1, which takes in Islington and parts of Shoreditch, with 11,301.

Overall, there are now 768,553 homes across Britain with a value of at least £1 million. This is a jump of 22.95%, or 143,476, property millionaires since August 2016 when the data was last analysed.

On a regional basis, the affluent south east comes in second place after London with 180,397 homes worth £1 million or more, while the east of England is in third place with 69,840 £1 million-plus homes.

However, heading across Britain, Wales has the fewest property millionaires with just 2,223 homes worth £1 million or more, followed by Yorkshire and the Humber and North East England with 4,103 and 4,835 property millionaires respectively.

The research shows a clear north-south divide in Britain’s property millionaires
Source: Wikimedia

 

The research also reveals the 50 British towns which are home to the highest number of property millionaires.

Top of the list is Guildford with 5,889 £1 million-plus homes, accounting for 13% of all properties in the area. The university hubs of Cambridge (5,530) and Reading (5,421) are second and third respectively.

At the other end of the list, bringing up the rear is leafy Walton-On-Thames with just 1,999 properties meeting the golden price tag. Cheltenham and Dorking are second and third from bottom respectively, with 2,015, and 2,046 property millionaires.

Although Beaconsfield (Buckinghamshire) is midway down the rankings for quantity of property millionaires, proportionally nearly half (49%) of homes in the area fall into the millionaire price bracket.

Within the capital, the borough of Westminster cashes in with the highest number of property millionaires (54,231). Regal Kensington and Chelsea follows in second place (45,366) and Camden in third (37,908).

Half of properties in Westminster are valued at over £1 million
Source: Wikimedia

 

Meanwhile, outer-London borough Barking and Dagenham is home to the fewest million-pound homes with just 20 breaking into this value bracket – just 0.03% of the total housing market. The boroughs of Bexley and Newham aren’t far behind with just 578 and 608 property millionaires respectively.

The figures have been released alongside the launch of a new tool from Zoopla, which allows users to see when their own home may reach the magic £1 million mark.


Lawrence Hall, spokesperson for Zoopla, said: “Whilst there might be a greater number of £1 million-plus properties than ever before, the data shows that they still only represent a small fraction of all UK housing stock. Our latest tool allows curious homeowners to dream a little and see when their home might hit the million-pound mark.”


DealMakerz thinks the research demonstrates that there is still a clear north-south divide when it comes to property wealth.

There is growing pressure on the government to introduce measures that make the UK property market fairer and more inclusive.

Stamp duty was recently cut for first-time buyers but it has been pointed out that regional differences in house prices mean London and the South East are likely to reap the greatest benefits.

The average saving for first-time buyers is £1,660, based on the average first home costing £200,000, but this drops outside the south and east where many people will save less than £1,000.