Number of property millionaires up by a third

Strong demand for prime residential property throughout 2013 has created 92,985 more property millionaires in Britain over the past year, according to the latest research from Zoopla.co.uk.

The total number of British property millionaires is now 393,127, up 31 per cent compared to this time last year. Zoopla estimates that 1.4 per cent of British homeowners will end 2013 as property millionaires.

Its report comes as the Office for National Statistics released its latest figures today showing that in the 12 months to October 2013, UK house prices increased by 5.5 per cent, up from a 3.8 per cent increase in the 12 months to September 2013.

Unsurprisingly, the majority of Britain's property millionaires, 61 per cent(239,703) are in London. Kensington and Chelsea is home to the highest number of property millionaires at 41,393 (17 per cent of the capital’s total).  Westminster (40,087) is in second place and Camden (23,873) is at number three.

Outside London, 21,028 more property millionaires were created in the South East during the past year, making the total 82,614. The highest proportion of property millionaires outside the capital is in the Surrey area of Virginia Water (GU25) where 32 per cent of homes are now worth over £1 million. Beaconsfield (HP9) and Chalfont St Giles (HP8) come in second and third.

The rest of the top ten were Hartfield (TN7) at fourth, then Gerrards Cross (SL9), Radlett (WD7), Guildford (GU5), Henley-on-Thames (RG9), Ascot (SL5), and at number 10, Harpenden (AL5)

Wales is home to the fewest property millionaires in Britain, with just over 1,000, though still up 24% on 2012.

Lawrence Hall of Zoopla.co.uk 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. 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.”