Property millionaires jump by almost a quarter to 750,000

 
Oliver Gill
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Newham has seen the number of properties worth more than £1m more than double since August 2016 (Source: Getty)

Almost 150,000 UK property millionaires have been created in little more than 12 months, according to research released today.

This means there are now more than 750,000 property millionaires in Britain and represents a 23 per cent rise between August 2016 and December 2017.

In London, Westminster has the highest number of properties worth £1m or more. And the highest proportion of properties hitting seven digits can be found in Kensington and Chelsea, property website Zoopla found.

Barnet has seen the largest rise in the number of London property millionaires since August 2016, with 3,789 more houses worth over £1m.

And although starting from a much lower point, the biggest jump in percentage terms can be found in Newham and Bexley, both of which have seen a doubling of £1m properties.

Read more: House prices to fall again in 2018 as buyers struggle to save for a deposit

Which London borough has the most millionaire mansions?

Rank Borough Estimate Number of Properties worth £1m+
1 Westminster 54,231
2 Kensington and Chelsea 45,366
3 Camden 37,908
4 Wandsworth 30,686
5 Hammersmith and Fulham 30,019

Which London borough has the largest proportion of £1m+ homes?

Rank Borough Estimated £1m+ as % of total properties
1 Kensington and Chelsea 58%
2 Westminster 49%
3 City of London 37%
4 Hammersmith and Fulham 37%
5 Camden 36%

Which London borough is on the rise?

Rank Borough Estimated number of properties worth £1m+ Percentage rise since August 2016
1 Newham 608 108.66%
2 Bexley 578 102.44%
3 Hackney 10,842 49.82%
4 Havering 1,897 48.91%
5 Waltham Forest 2,169 47.19%

Read more: Here's how much London house prices fell in November

What about towns away from London?

Outside of London, Guildford has the largest number of £1m+ homes, followed by Cambridge and Reading.

Rank

Post Town

Number of £1m+ properties

Number of £1m+ properties as proportion of total housing stock

Average current property value

1

Guildford

5,889

13%

£599,667

2

Cambridge

5,530

5%

£472,350

3

Reading

5,421

4%

£433,781

4

Sevenoaks

5,416

19%

£693,477

5

Oxford

5,242

7%

£523,802

Read more: These are the UK's 20 least affordable cities to buy a house

And the rest of the UK?

Unsurprisingly, there is a clear north/south divide in the UK with London and the south east dominating the property millionaire rankings.

Rank

Region

Number of £1m+ properties

Number of £1m+ properties as proportion of total housing stock

Average current property value

1

London

430,720

12.8%

£675,382

2

South East England

180,397

4.5%

£414,245

3

East of England

69,840

2.6%

£360,731

4

South West England

33,717

1.2%

£306,029

5

North West England

12,552

0.4%

£194,093

6

West Midlands

12,219

0.5%

£226,519

7

Scotland

11,101

0.4%

£188,850

8

East Midlands

6,845

0.3%

£215,461

9

North East England

4,835

0.3%

£189,290

10

Yorkshire & The Humber

4,103

0.2%

£177,016

11

Wales

2,223

0.2%

£186,271

Read more: London house prices dragged down by Zones 2 and 3

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