Britain has seen a 393 per cent increase in the number of ‘property millionaires' in the last decade, according to new research for Santander Mortgages.
The figures reveal there are currently 131,996 residential homes worth over £1 million in Britain, almost a five-fold increase on the 26,776 that existed in the year 2000.
While the credit crunch led to over 43,000 homes losing their millionaire status between 2008 and 2009, a 29 per cent reduction, the market in million pound properties has recovered.
Over the past year alone, the number of million-pound-plus properties has risen by around 29,000, returning the number of property millionaires close to its early 2008 peak when there were 147,000 of them.
Seventy eight per cent (103,168) of these million pound homes are in Greater London, with the capital's SW postcode claiming nearly three in ten (29 per cent) of the nation's millionaire properties.
Indeed, postcodes in London and the Home Counties including towns such as Guildford, Kingston upon Thames and Hemel Hempstead occupy the top ten places in Santander Mortgages' Property Millionaire League Table. London's SE postcode area has showed a 23-fold increase in its number of property millionaires in the past decade.
Edinburgh is the first non-South East area in the league, coming in at 11th place with 1,665 million-pound-plus dwellings. Warrington is in 20th place in the table, with 1,066 property millionaires, and Bournemouth is 22nd with 870.
Phil Cliff, Director of Mortgages at Santander, said: "For many of us our ‘home is our castle' and in recent years we've often viewed our home as a key investment too. Whether you're a property millionaire or not, prospective buyers and those remortgaging need to ensure they get a fair deal on their house and mortgage.
"Santander Mortgages provides competitive deals for new customers so whether you're looking for a large - or small - loan we have great value-for-money deals available to suit all homeowners."
Nigel Lewis, Property Analyst at
PrimeLocation.com commented: "It's amazing how fast million-pound-plus property prices have recovered since the dark days of mid-2008 when the market experienced significant price reductions.
“Our research shows that the number of million pound homes for sale has risen considerably over the past year and the number of people looking to buy them has also jumped by 20 per cent - so it's no wonder the prime property market is recovering so fast."
Postcodes with the most property millionaires:
|
Post code
|
Number of residential homes worth more than £1 million in 2010
|
Number of residential homes worth more than £1 million in 2000
|
Percentage increase over the past ten years
|
|
London SW
|
38,026
|
10,627
|
+258%
|
|
London W
|
24,379
|
6,523
|
+274%
|
|
London NW
|
14,503
|
3,881
|
+274%
|
|
London N
|
7,732
|
987
|
+683%
|
|
Kingston upon Thames
|
6,555
|
1,201
|
+446%
|
|
Guildford
|
3,907
|
547
|
+614%
|
|
Twickenham
|
3,222
|
541
|
+496%
|
|
Slough
|
2,830
|
295
|
+859%
|
|
Hemel Hempstead
|
2,242
|
175
|
+1,181%
|
|
London SE
|
2,041
|
89
|
+2,193%
|
|
Edinburgh
|
1,665
|
16
|
+10,306%
|
|
Tonbridge
|
1,466
|
138
|
+962%
|
|
Harrow
|
1,359
|
48
|
+2,731%
|
|
Watford
|
1,353
|
97
|
+1,295%
|
|
St Albans
|
1,269
|
40
|
+3,073%
|
|
Enfield
|
1,115
|
159
|
+601%
|
|
Reading
|
1,114
|
144
|
+674%
|
|
Oxford
|
1,113
|
217
|
+413%
|
|
Redhill
|
1,069
|
79
|
+1,253%
|
|
Warrington
|
1,066
|
51
|
+1,990%
|
|
Bromley
|
957
|
117
|
+718%
|
|
Bournemouth
|
870
|
99
|
+779%
|
|
London WC
|
853
|
61
|
+1,298%
|
|
Chelmsford
|
734
|
29
|
+2,431%
|
|
Southampton
|
681
|
49
|
+1,290%
|
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