Number of property millionaires rises

20 December 2013

 

Demand for prime property in Britain during 2013 has created 92,985 more property millionaires in the past year, The Independent reports. 
The total number of property millionaires is up by 31% on this time last year and Zoopla predict that 1.4% of homeowners in Britain will end 2013 as property millionaires. 
According to figures from the Office for National Statistics, 61% of Britain’s property millionaires are in the capital. The highest number outside of London are in the Surrey area of Virginia Water (GU25). 32% of homes in this area are now worth over £1 million. Wales has the fewest property millionaires in Britain with just over 1,000. However, this is still 24% up 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.”

Demand for prime property in Britain during 2013 has created 92,985 more property millionaires in the past year, The Independent reports.

The total number of property millionaires is up by 31% on this time last year and Zoopla predict that 1.4% of homeowners in Britain will end 2013 as property millionaires.

According to figures from the Office for National Statistics, 61% of Britain’s property millionaires are in the capital. The highest number outside of London are in the Surrey area of Virginia Water (GU25). 32% of homes in this area are now worth over £1 million. Wales has the fewest property millionaires in Britain with just over 1,000. However, this is still 24% up 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.”

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