With the credit crunch leading to over 43,000 homes losing their millionaire status during the last couple of years, it is a relief to see million pound properties being recovered. Over the past year alone, the number of million-pound-plus properties has risen by around 29,000, returning the number of property millionaires close to its early 2008 peak when there were 147,000 of them.
Around 78 per cent of these million pound homes are in Greater London, with the capital’s SW post code claiming about 29% of the nation’s millionaire properties. 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.
One reasoning for this increase is that more people are viewing their homes as a key investment. The greater care that is put in, the greater property value is will have.
Nigel Lewis, Property Analyst at PrimeLocation.com commented, "It's amazing how fast million-pound-plus property prices have recovered since the dark days of mid-2008 when the market experienced significant price reductions. 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."
Table 1: Number of million pound properties over the last decade year & percentage difference from the previous year
2000 26,776 N/A
2001 33,778 +26%
2002 44,537 +32%
2003 62,018 +39%
2004 71,507 +15%
2005 80,105 +12%
2006 88,746 +11%
2007 121,927 +37%
2008 146,585 +20%
2009 103,467 -29%
2010 131,996 28%
