Boost to million-pound properties
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The number of property millionaires has risen by 29,000 in the last year and is close to its 2008 peak, according to Santander Mortgages.
There are currently 131,996 homes worth over £1m compared to just 26,776 10 years ago.
Over 43,000 houses dropped below the £1m mark during the financial crisis bringing the number down from its 147,000 high.
Phil Cliff, director of mortgages at Santander, says: “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.”
Almost four out of five £1m properties are based in Greater London with the SW postcode claiming 30% of all properties.
London and home county towns such as Guildford, Kingston upon Thames and Hemel Hempstead occupy the top 10 places in Santander Mortgages’ Property Millionaire League Table.
London’s SE postcode area has showed a staggering 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.
Nigel Lewis, Property Analyst at PrimeLocation.com says: “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% - so it’s no wonder that the prime property market is recovering so fast.”
