Property millionaires – number at a record high

Quick Move Now took a look at the latest figures, and if they are anything to go by, buying property is still the best bet for anyone with some savings.

Property values

According to property website Zoopla, nearly 93,000 more homeowners became property millionaires last year – that’s a staggering 255 every day.

The total number of homes priced over £1million by Zoopla now stands at 393,127, shooting up by 31%.

The majority of these properties, it is not surprising to hear, can be found in London, where 239,703 homes are worth over that prized million pound mark – 57,120 more than the previous year.

The spread of million pound properties is concentrated to a few boroughs within the capital too, with Kensington and Chelsea coming out on top, closely followed by Westminster and Camden.

Outside of the capital the south east was top of the property pile, with more than 82,500 homes worth over £1m. The Surrey area of Virginia Water has the highest number of property millionaires, excluding London, with nearly a third of all homes worth over that all important figure. Beaconsfield and Chalfont-St-Giles, both in Buckinghamshire, are close behind.

Wales fares the worst, with just over 1,000 homes worth in excess of £1m.

Property sales

While Zoopla was looking at the value of all properties, estate agent Hamptons International has been analysing Land Registry data regarding the number of actual sales of these top end homes in the past 12 months.

According to their figures, the number of houses sold in 2013 for more than a million pounds has outstripped the previous record high, which occurred during the property boom of 2007.

The 10% hike, to 9,700 homes, highlights the surge in high-end activity recently and, although many signs indicate property sales across the board are improving, this increase is far greater than is being seen within the rest of the market.

Without wanting to sound like a broken record, it is obvious that the majority of these sales took place in London. Fulham saw the most high-end transactions last year, with Belgravia in second place and Mayfair third.

Outside of London, Harpenden in Hertfordshire, Beaconsfield in Buckinghamshire and Henley-on-Thames in Oxfordshire were the top three for million pound property sales.

This content was written by Quick Move Now
Published on 14th January 2014
Last updated on 19th April 2017

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