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Property millionaires boom in the noughties

Property millionaires boom in the noughties

Category: Mortgages

Updated: 08/07/2010
First Published: 08/07/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The number of property millionaires has seen a five-fold increase over the last decade.

There are currently 131,996 residential properties in the UK that are worth over the magic £1 million mark, up by 393% on the 26,776 homes that broke through the seven figure barrier in 2000.

While the credit crunch led to over 43,000 homes losing their millionaire status over 2008 and 2009 – a 29% reduction – the market has recovered, according to research by Santander.

Over the last 12 months, the number of million-pound-plus abodes has risen by around 29,000, returning the number of property millionaires close to its early 2008 peak of 147,000.

Unsurprisingly, the significant majority (78%) of the UK's million pound homes are located in Greater London, the capital's SW post code claiming nearly three in ten (29%) of the nation's millionaire properties.

Indeed, postcodes in London and the Home Counties including towns such as Guildford, Kingston upon Thames and Hemel Hempstead occupy the top ten places in the millionaire league table.

London's SE postcode area has shown a staggering 23-fold increase in its number of property millionaires in the last decade.

Edinburgh is the first non-South East area in the league, coming in at 11th place with 1,665 million-pound-plus dwellings. Warrington is in 20th place in the table, with 1,066 property millionaires, and Bournemouth is 22nd with 870.

"For many of us our home is our castle and in recent years we've often viewed our home as a key investment too," commented Phil Cliff, director of mortgages at Santander.

"Whether you're a property millionaire or not, prospective buyers and those remortgaging need to ensure they get a fair deal on their house and mortgage."

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