House price rises mean 200 new 'property millionaires' created every day in 2015

More than 75,000 people have become 'property millionaires' in 2015 thanks to soaring house prices.

Soaring house prices mean more people than ever before are now property millionaires.

Research from property website Zoopla has found that 75,796 people’s houses have risen in value to over £1 million since January. That's the equivalent of 200 new property millionaires being created every single day.

As a result, around 2.2% of all homeowners in the UK now have a property worth over £1 million.

“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 £1 million mark,” says Lawrence Hall of Zoopla.

“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.”

Where are the millionaires?

London remains a hotbed for million pound properties, with 61% of these seven-figure homes in the capital. A total of 380,337 homes in London are worth more than £1 million, according to Zoopla. That’s a 10% increase over the past year.

Those expensive homes are centred in Westminster, where there are 51,607 seven-figure piles, and Kensington and Chelsea, which is home to 44,972.

In a worrying sign for anyone trying to get on the housing ladder in London the biggest increase in the number of £1 m plus properties in the capital has been within the ten lowest average priced boroughs. Places such as Barking & Dagenham, Newham, Redbridge and Waltham Forest have seen a 55% increase in the number of million pound properties.

Outside of London the South East dominates the millionaire chart; combined with London it is home to 82% of the nation’s million pound properties.

Further afield the East of England and Yorkshire and the Humber have seen the largest increase in million-pound properties, as the table below highlights:

Scotland loses millionaires

Scotland was the only part of the UK to see a fall in the number of million pound properties this year. There are now fewer than 9,000 homes north of the border that are worth more than £1 million.

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