£1 million homes rise to record levels

£1 million homes rise to record levels

  • Number of property millionaires in Britain is now 768,553
  • More than 430,000 of those based in London
  • Guildford is the town with the most property millionaires (5,889)

There are now 768,553 property millionaires in Britain, accounting for 2.7 per cent of the nation’s housing stock, according to new data from Zoopla.

This is a rise of 143,476 (22.95 per cent) property millionaires since August 2016.

Not surprisingly, the large majority of those homes are based in London. Almost half a million residents (430,720 homes) in the capital can now be classed as “property millionaires”.

The top London boroughs include Westminster with 49 per cent of all properties now valued at £1 million or more, as well as Kensington & Chelsea (58 per cent), Camden (36 per cent) and Hammersmith and Fulham (37 per cent).

The report also reveals that the new average London property value is £675,382.

Guildford is home to 5,889 millionaires, the most of any town outside of London.

Lawrence Hall, spokesperson for Zoopla, said: “Whilst there might be a greater number of £1m+ 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.”

Zoopla used the report as a launch pad for a new tool which allows users to see when their own home may reach the £1 million mark.