Estimated number of ‘property millionaires’ falls by nearly 35,000 in a year

The number of “property millionaires” across Britain has fallen by nearly 35,000 over the past year – driven by the softening housing market in London and the South East – according to a website.

Some 733,777 homes across Britain are valued at £1 million-plus – down by 34,776 from the 768,553 properties valued at this amount in February 2018 – Zoopla said.

Overall, the total number of properties valued at seven-figure sums now accounts for 2.5% of the nation’s housing stock.

Zoopla said that while London still has far more property millionaires than elsewhere in Britain – at 395,871 – it has seen the steepest fall over the past year, with 34,849 fewer than a year ago.

Stamp duty changes which have pushed up the cost of buying homes in the upper price ranges as well as increasing the bills for investors have previously been blamed by some for putting the brakes on the London housing market in recent years.

However, away from London and the South East, some parts of Britain where fewer property millionaires are scattered have seen numbers increase over the past year.

This has partially offset the decreases seen in some areas where large numbers of million-pound homes are concentrated.

Wales, for example, now has 150 more property millionaires than it did a year ago, with the figure now standing at 2,373.

Despite the uplift, the country still has less than half the number of property millionaires in the Hertfordshire city of St Albans, where 4,889 homes are valued at £1 million-plus.

Yorkshire and the Humber has also seen an uplift in property millionaires, with 203 more than a year ago.

The South West, the East of England, the Midlands, the North West and the North East of England have also seen the number of property millionaires grow.

In Scotland, the number of property millionaires has held broadly steady – falling by just 14 compared with a year ago.

Zoopla also analysed the number of property millionaires in 50 towns and cities outside London to see where property millionaires are concentrated.

Guildford took the top spot with 5,615 seven-figure homes, just ahead of Cambridge with 5,426.

Zoopla has a tool on its website which allows home-owners to see when the value of their properties may reach the £1 million mark at https://million-pound-calculator.zoopla.co.uk/.

Spokeswoman Annabel Dixon said that outside London “there has been significant growth in seven-figure properties, especially in the East of England and West Midlands”.

Here are the current numbers of properties worth £1 million-plus according to Zoopla’s calculations, followed by the number in February 2018, ranked from the highest number to the lowest:

1. London, 395,871, 430,720
2. South East England, 171,454, 180,397
3. East of England, 76,077, 69,840
4. South West England, 34,367, 33,717
5. West Midlands, 13,221, 12,219
6. North West England, 12,881, 12,552
7. Scotland, 11,087, 11,101
8. East Midlands, 7,298, 6,845
9. North East England, 4,842, 4,835
10. Yorkshire and the Humber, 4,306, 4,103
11. Wales, 2,373, 2,223

And here are the top 10 post towns outside London ranked by the number of properties valued at £1 million-plus: 

1. Guildford, 5,615
2. Cambridge, 5,426
3. Sevenoaks, 5,188
4. St Albans, 4,889
5. Edinburgh, 4,818
6. Oxford, 4,791
7. Bristol, 4,764
8. Reading, 4,642
9. Twickenham, 4,505
10. Leatherhead, 4,140

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