Price boom creates 254 property millionaires every day

Property millionaires are being created at the rate of 254 a day as booming house prices push up the value of luxury homes.

According to research by property portal Zoopla, 1.4% of all property owners have homes worth more than £1 million.

Most of the wealthy landlords are in London and the South-East.

Britain has 393,127 home owners with properties worth more than £1 million ' with 61% of all millionaire home owners with homes in and around the capital.

The UK total is almost a third (31%) up on this time last year.

With more than 57,000 homes worth £1 million or more in London, dealings in these properties alone created 156 millionaires every day.

The London neighbourhood of Kensington and Chelsea is home to 41,393 property millionaires, 17% of the entire London rich list, mainly due to the concentration of luxury properties. Westminster ranks next with 41,393 property millionaires, while Camden comes third with 23,873.

Other affluent areas with expensive homes include Virginia Water, Surrey; Beaconsfield and Chalfont St Giles, both in Buckinghamshire.

Wales has the lowest level of property millionaires ' just 1,000 ' but the figure is a 24% increase on 2012.

Lawrence Hall of Zoopla 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.

?As more and more British properties climb past the million pound level, the impact of a possible Mansion Tax would be wide reaching and risk impacting a significant number of British homeowners both at the top of the market and on the lower rungs of the property ladder.?

According to leading house price surveys, property prices have increased around 4.5% across the country in the past year.

 

The article Price boom creates 254 property millionaires every day appeared first on LandlordZONE.

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Article courtesy of LandlordZONE

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