Britain sees more than 75,000 new 'property millionaires' in 2015
More than 75,000 new ``property millionaires'' have been created across Britain during 2015 as house prices continue pushing upwards, according to a website.
More than 75,000 new property millionaires'' have been created across Britain during 2015 as house prices continue pushing upwards, according to a website.
The number of home owners whose property is now worth £1 million or more - making them property millionaires - has increased by 75,796 or (14%) since January, analysis by Zoopla found.
The increase equates to more than 200 new property millionaires being created every day.
The increase in million-pound homes across the country takes the total number of property millionaires in Britain to 622,939 - and means that 2.2% of all home owners have a property worth £1 million or more - Zoopla said.
But in London, around one in eight (12%) properties is now worth more than £1 million, as more modest homes in the capital increasingly come with price tags which were once the exclusive preserve of stately homes or massive mansions'', the website said.
More than eight in 10 (82%) of all Britain's million pound-plus properties are situated in London and the South East.
Looking across the regions, Wales has the fewest million pound properties, at 1,404 in total, while London has the most, at 380,337.
Westminster was named by Zoopla as the London borough with the highest number of million pound properties, at 51,607, followed by Kensington and Chelsea, which has 44,972 such properties.
The East of England and Yorkshire and the Humber were the regions with the biggest percentage increases in the number of property millionaires over the last year, with uplifts of 28.3% and 24.4% respectively.
There are 46,863 property millionaires in the East of England, while there are 3,041 in Yorkshire and the Humber.
Scotland has seen a 4.5% fall in property millionaires over the last year, with the number now standing at 8,893.
Zoopla used data from its own website to make the findings.
Zoopla spokesman Lawrence Hall 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 £1 million in the south still outweighs the rest of Britain, boosted by wealthy hotspots such as Kensington and 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 £1 million 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.''