Nearly half a million Londoners now ‘property millionaires’

Nearly half a million Londoners are now “property millionaires” as the number of homes worth £1 million shot up across the country, according to new research.

A staggering 430,720 of about 770,000 properties in Britain valued at at least £1 million are located in the capital, according to website Zoopla.

The postcode with the most million-pound properties was SW6, covering Fulham and Parson’s Green with 14,020.

Next was NW3, covering Belsize Park and Hampstead, with 12,500, and then N1, which takes in Islington and parts of Shoreditch, with 11,301.

Top ten London postcodes

Where are there the most property millionaires?

SW6 – 14,020

NW3 – 12,500

N1 – 11,301

SW11 – 11,056

W2 – 10,678

NW1 – 9,658

SW3 – 9,008

W4 – 8,689 

W8 – 8,533 

W11 – 8,158 

There are now 768,553 homes across Britain valued at at least £1 million, according to Zoopla.

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This is a jump of 22.95 per cent or 143,476 more property millionaires since August 2016 when the data was previously analysed.

With large concentrations of property millionaires in London and the South East of England, the research found there are more than double the number of million-pound properties in Guildford, Surrey than there are across the whole of Wales.

Guildford was identified as the top million-pound property hotspot outside London, with 5,889 homes there valued at £1 million-plus.

Top ten boroughs

£1 million properties by local council area

1. Westminster, 54,231

2. Kensington and Chelsea, 45,366

3. Camden, 37,908

4. Wandsworth, 30,686

5. Hammersmith and Fulham, 30,019

6. Barnet, 24,719

7. Richmond-upon-Thames, 23,322

8. Islington, 22,973

9. Lambeth, 17,701

10. Southwark, 17,428

Wales was found to have 2,223 homes worth £1 million or more.

Zoopla released the research to mark the launch of its new property calculator tool which tells home owners when the value of their own property may eventually reach the £1 million mark.

Zoopla said places with particularly high concentrations of million-pound homes also include Cambridge, Reading, Oxford, St Albans, Bristol and Edinburgh.

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