The Property Millionaires

Average prices in Kensington & Chelsea have risen by more than £125,000 in the past year

Homeowners with property worth a million pounds has risen by more than 200 per day during the past year as house prices continue to rise.

They have risen 14 per cent  to 622,939, the equivalent of 75,796, according to  property website Zoopla.

It means 2.2 per cent of all homeowners now have a property with a seven-figure price tag, with the majority in London and the South East

The most expensive streets are in London’s borough of Kensington & Chelsea, where prices have risen more than £125,906 to £2,197,170 in the past year, and Westminster, where values have increased by £45,154 to £1,193,337 during the same period. 

The boroughs with the greatest increases in the past year are within the top 10 lowest average priced boroughs in London, including Barking & Dagenham, Newham, Redbridge and Waltham Forest.

Scotland was the only region to see a decrease in the number of million pound homes in 2015, falling 4.5 per cent to less than 9,000 since the beginning of the year. 

Zoopla spokesman Lawrence Hall said: ‘It’s interesting to see that areas such as the East of England and Yorkshire have seen bigger percentage rises in the numbers of property millionaires over the last 12 months compared with the south which typically dominates each year. However the number of properties valued at more than £1m in the south still outweigh the rest of Britain boosted by wealthy hotspots such as Kensington & Chelsea and Westminster’.

‘With an improving economy and the ongoing lack of housing supply, this continues to put upward pressure on house prices at all levels of the market and has nudged a whole new raft of properties over the £1m mark. A price tag that was once the exclusive preserve of stately homes or massive mansions is now an increasingly common label for more modest houses, particularly in the capital.

Excerpt Daily mail.