The number of UK property millionaires has shot up by 14% to nearly 76,000 this year, with most of them located in London and the South East, new research has found.
The latest figures from property portal Zoopla have revealed that 75,796 new British property millionaires were created in 2015, which equates to over 200 per day.
This brings the total number of property millionaires to 622,939, meaning that 2.2% of all homeowners have a property worth £1 million or more, up 1.9% since January.
Waltham Forest, Redbridge and Newnham were the areas which experienced the biggest hike in the number of million-pound piles.
London is at the top of the property millionaire league, with well over half (61%) of Britain’s million-pound homes located in the capital.
In total, 380,337 homes in the City are now worth more than £1 million, an increase of 10% since the start of the year.
Surprisingly, the boroughs that experienced the greatest increases – over 55% – are in the top 10 lowest average priced boroughs in London, including Barking & Dagenham, Newham, Redbridge and Waltham Forest.
The boroughs already with the highest number of property millionaires such as Westminster (51,607) and Kensington and Chelsea (44,972) saw smallest the rise, at just 0.9% and 0.6% respectively.
The East of England and Yorkshire and The Humber saw the largest increases of million-pound properties outside of London, up 28% and 24% respectively.
Wales has the fewest million pound properties in Britain with only 1,404 in total, despite an 11% uplift since January. Scotland was the only region to see a fall in number of million pound homes, down 4.5% to below 9,000 since the start of the year.
Lawrence Hall of Zoopla said: “It’s interesting to see that areas such as the East of England and Yorkshire have seen bigger percentage rises in the numbers of property millionaires over the last 12 months compared with the south which typically dominates each year. However the number of properties valued at more than £1m in the south still outweigh the rest of Britain boosted by wealthy hotspots such as Kensington & Chelsea and Westminster.
“With an improving economy and the ongoing lack of housing supply, this continues to put upward pressure on house prices at all levels of the market and has nudged a whole new raft of properties over the £1m mark. A price tag that was once the exclusive preserve of stately homes or massive mansions is now an increasingly common label for more modest houses, particularly in the capital.”
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