92,985 more property millionaires in the UK during 2013

The house price boom has created 92,985 more property millionaires in the UK over the past year, taking the total to just under 400,000, according to the latest research from Zoopla.

More than six out of 10 of all Britain’s property millionaires can now be found in London. Affluent Kensington and Chelsea have the highest number of property millionaires, while Wales has the fewest, according to the research.

The total number of British property millionaires now stands at 393,127, up 31% on last year. Around 1.4% of British homeowners will finish the year as property millionaires.

In London, nearly 60,000 homeowners became property millionaires for the first time. Property millionaires in the capital are created at the rate of 156 every single day, or 57,120 over the past year.

London now has more than 239,703 flats and houses valued at seven figures, more than 61% of Britain’s total. This includes 1,790 properties in Hackney, as less glamorous parts of the capital join in the boom.

Kensington and Chelsea is home to the highest number of property millionaires at 41,393, 17% of the capital’s total, despite being the smallest London borough. Westminster comes next with 40,087, while Camden is in third place with 23,873.

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 affluent Surrey area of Virginia Water, where 32% of homes are now worth over £1 million.

Wales is home to the fewest property millionaires in Britain, numbering just over 1,000 in total but still up 24% 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.

“This will boost the tax take for the Exchequer if a new mansion tax is introduced with a starting rate of £1 million, while dragging more and more people into the net.

“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.”

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