600,000 Britons now property millionaires

More than 200 Britons are becoming property millionaires every single day taking the total to more than 600,000.

There were 75,796 new British property millionaires created in 2015, with more than one in 10 London homes now worth more than £1 million.

The highest increase in property millionaires was in Waltham Forest, Redbridge and Newham.

The East of England saw the strongest regional increase in £1 million-plus homes, up 28% since January, according to latest research from property website Zoopla.

Of the 622,939 million-pound homes in the UK, 82% are situated in London and the South East.

Some 61% are located in London, totalling 380,337 homes, up 10% since the start of the year.

Lawrence Hall of Zoopla said the East of England and Yorkshire have seen bigger percentage rises in the numbers of property millionaires over the last 12 months compared with the south.

“However the number of properties valued at more than £1 million in the south still outweigh the rest of Britain, boosted by wealthy hotspots such as Kensington & Chelsea and Westminster.

“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 £1m mark.

“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.”