Belfast Telegraph

93,000 become property millionaires

Nearly 93,000 more home-owners have become "property millionaires" in Britain over the last year, research from a website has found.

The total number of homes valued at £1 million plus by this month has grown by almost one third (31%) compared with a year ago to reach 393,127.

Zoopla said that continued strong demand for prime residential property throughout 2013 has created 92,985 more property millionaires in Britain over the past 12 months.

Three-fifths (61%) of million pound plus properties were found to be in London. Property prices in the English capital have consistently surged ahead of the rest of the country this year, prompting some concerns that the market there is overheating.

The Government recently announced plans for non-UK residents to pay capital gains tax (CGT) on property sales from April 2015. Much of the strong demand in the London market has been put down to wealthy overseas buyers looking for a safe haven to put their cash.

The exclusive borough of Kensington and Chelsea was named by Zoopla as home to the highest number of property millionaires totalling 41,393.

Outside London, 21,028 more property millionaires were created in the South East during the past year, bringing the total to 82,614. The highest proportion of property millionaires outside the capital can be found in the Surrey postcode area of GU25 covering Virginia Water, where almost one third (32%) of homes were found to be worth over £1 million.

On a regional level, Wales was found to be home to the fewest property millionaires in Britain, numbering just over 1,000 in total but still up by one quarter (24%) on 2012.

Lawrence Hall of said: "While Government schemes such as Help to Buy have concentrated popular attention on the lower rungs of the property ladder this year, there's been a hive of activity propelling house price growth at the top-end of the market."

:: Here is the number of property millionaires by region, according to

1. London, 239,703

2. South East England, 82,614

3. East of England, 28,128

4. South West England, 13,960

5. North West England, 7,043

6. West Midlands, 5,418

7. Scotland, 8,161

8. East Midlands, 2,667

9. North East England, 2,574

10. Yorkshire and the Humber, 1,814

11. Wales, 1,043

:: Total 393,127

Here are the areas with the highest concentrations of property millionaires outside London, with average property values and the proportion of properties there valued at £1 million or more:

1. Virginia Water (GU25) £1,081,595, 32%

2. Beaconsfield (HP9) £839,702, 27%

3. Chalfont St Giles (HP8) £783,310, 22%

4. Hartfield (TN7) £697,535, 20%

5. Gerrards Cross (SL9) £719,765, 19%

6. Radlett (WD7) £693,525, 19%

7. Guildford (GU5) £733,978, 19%

8. Henley-on-Thames (RG9) £666,547, 16%

9. Ascot (SL5) £643,276, 16%

10. Harpenden (AL5) £649,553, 15%

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