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More than 600,000 Brits are now 'property millionaires'

17th December 2015

  • 75,796 new British property millionaires created in 2015 – equating to over 200 per day
  • More than one in 10 (12%) London homes are now worth more than £1 million
  • Highest increases in property millionaires in Waltham Forest, Redbridge and Newham
  • East of England sees strongest regional increase in £1 million+ homes, up 28% since January
  • Wales has fewest property millionaires (1,404), and Scotland sees a 4.5% fall
  • The number of homeowners in Britain whose property is worth £1m or more – or ‘property millionaires’ – has increased by 75,796 (14%) since January, according to the latest research from property website Zoopla.

    This 14% rise over the past year takes the total number of British property millionaires to 622,939, and means that 2.2% of all homeowners have a property worth £1 million or more – up 1.9% over the past year. Of these million-pound piles, 82% are situated in London and the South East.

    London, long the nation’s property powerhouse, has once again dominated the property millionaire league, with well over half (61%) of Britain’s million-pound piles located in the capital. In total, 380,337 homes in the city are now above the million-pound threshold, marking a 33,871 – or 10% increase – since the start of the year.

    Within the capital, the boroughs with the highest number of property millionaires are notoriously expensive areas such as Westminster (51,607) and Kensington and Chelsea (44,972 ) – but these have seen the smallest rise in £1 million+ properties of any borough over the past year, up just 0.9% and 0.6% respectively. Meanwhile, the boroughs that experienced the greatest increases – over 55% – are within the top 10 lowest average priced boroughs in London including Barking & Dagenham, Newham, Redbridge and Waltham Forest.

    Outside of London, the East of England and Yorkshire and The Humber saw the largest increases of million-pound properties, up 28% and 24% respectively since January. At the other end of the spectrum, Wales has the fewest million pound properties in Britain with only 1,404 in total—despite, a significant 11% uplift since January. Meanwhile, Scotland was the sole region to see a decrease in number of million pound homes in 2015, falling 4.5% to below 9,000 since the start of the year.

    Lawrence Hall of Zoopla commented: “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.”

    Number of property millionaires in Britain

    Rank Region No. of Property Millionaires (Dec '15) No. of Property Millionaires (Jan '15) % Change in £1M+ Homes (Jan '15- Dec '15)
    1 East of England 46,863 36,528 28.3%
    2 Yorkshire and The Humber 3,041 2,445 24.4%
    3 East Midlands 4,284 3,510 22.0%
    4 North East England 3,540 2,957 19.7%
    5 South East England 133,063 111,177 19.7%
    6 South West England 22,896 19,339 18.4%
    7 West Midlands 7,306 6,380 14.5%
    8 Wales 1,404 1,260 11.4%
    9 London 380,337 346,466 9.8%
    10 North West England 8,412 7,774 8.2%
    11 Scotland 8,893 9,308 -4.5%
    TOTAL 622,939 547,143 13.8%
    ? Source: Zoopla 2015

    London boroughs with the largest percentage increase in property millionaires

    Rank Borough No. of Property Millionaires (Dec '15) No. of Property Millionaires (Jan '15) % Increase in £1M+ Properties (Jan '15- Dec '15)
    1 Barking & Dagenham 10 3 288.0%
    2 Newham 227 121 87.9%
    3 Redbridge 1,771 1,136 55.9%
    4 Waltham Forest 1,330 854 55.7%
    5 Havering 1,134 778 45.7%
    6 Hackney 7,977 5,475 45.7%
    7 Enfield 2,658 1,831 45.2%
    8 Hillingdon 3,824 2,730 40.1%
    9 Brent 6,212 4,539 36.8%
    10 Harrow 5,118 3,817 34.1%
    Source: Zoopla 2015

    London boroughs with the highest number of property millionaires

    Rank Borough No. of Property Millionaires (Dec '15) £1M+ Properties as a % of Total % Increase in £1M+ Properties (Jan '15- Dec '15)
    1 Westminster 51,607 47% 0.9%
    2 Kensington and Chelsea 44,972 57% 0.6%
    3 Camden 33,902 33% 9.5%
    4 Wandsworth 30,605 24% 3.6%
    5 Hammersmith & Fulham 29,396 37% 5.4%
    6 Richmond upon Thames 21,020 27% 6.1%
    7 Islington 20,829 20% 9.8%
    8 Barnet 19,714 15% 8.8%
    9 Lambeth 15,586 12% 13.0%
    10 Southwark 14,669 11% 31.8%
    Source: Zoopla 2015

    - Ends -

    For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.

    About Zoopla

    Hello. We're Zoopla. A property website and app.

    We know you're not just looking for a place to live. You're looking for a home.

    Yeah, we've got over a million properties for you to browse.

    Tools that let you filter them in all kinds of clever ways.

    And reliable house price estimates, so you can be sure you aren't paying over the odds.

    But we know you're looking for more than that.

    Because that first flat won't just be a 'great investment opportunity'.

    It'll be the feeling of starting out on your own.

    That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.

    And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.

    We know that searching for a home is about more than just checking its price, location and features (important as all those things are).

    What really matters is how it makes you feel.

    We know what a home is really worth.

    So let us help you find yours.

    Zoopla is part of Zoopla Limited which was founded in 2007.

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