Rise in British property millionaires

According to research from property website Zoopla.co.uk, increased demand for high-end properties meant 47,024 more British property millionaires were created in 2012.

This represents an increase of 19% from this time last year and takes the total number of property millionaires up to 300,142.

The bulk of this increase comes from London with the equivalent of 100 new property millionaires being created every day throughout 2012.

The capital is home to 182,583 property millionaires, or 64% of the total millionaires.

Despite being the smallest London borough, Kensington and Chelsea is home to 36,293 property millionaires and has an average property value currently atï¿¡2,186,471. 64% of all homes are currently worth over ï¿¡1 million.

Lawrence Hall of Zoopla.co.uk said:“The top end of the property market operates seemingly in isolation to the rest of the market. Wealthier buyers are relatively impervious to the economic problems affecting the rest of the market, most notably when it comes to getting a mortgage.

“Foreign buyers in particular have gravitated towards top-end property in London over the last few years, which has pushed up demand and prices on more expensive property as they try to secure a limited supply of top-end homes in the capital.”

Today's Conveyancer