Surge in Number Of Property Millionaires

There are now five times more property millionaires than ten years ago as the boom in house prices has dramatically increased the number or properties worth more than £1 million.

In the year 2000, there were 26,776 residential properties worth more than £1 million, however that figure has risen five fold as there are currently 131,996 homes that now exceed one million pounds in value.

This boom in house prices has created more than 100,000 new property millionaires, according to new research from Santander mortgages.

Predictably, most of the houses worth more than £1 million can be found in Greater London with the capital’s SW post code claiming nearly three in ten (29 per cent) of the nation’s millionaire properties.

Home county towns such as Guildford, Kingston Upon Thames and Hemel Hempstead also fair well in the millionaire property figures, however Edinburgh, Warrington and Bournemouth are also areas with a substantial number of homes worth more than £1 million.

The analysis from Santander did highlight the impact of the credit crunch though, as 43,000 homes lost their millionaire status between 2008 and 2009, however the recent hikes in property values has allowed most of these homes to recover their values over the last 18 months.