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Over 300,000 British property millionaires

The number of British property millionaires increased by 47,024 in 2012, according to a new report by Zoopla.co.uk. There are now 300,142 property millionaires in Britain – with 7,264 of them in Scotland.

Increase of 19%

Overall, says the property website, there was a 19% increase in the number of people owning houses worth more than £1 million.

The increase in property prices at the top-end of the market was notably sharper than the rest of the property market, where house prices grew by just 1% overall. House price growth in London and the South East, fuelled by demand from equity-rich buyers and limited supply, helped push values up.

Bucking the trend

According to Lawrence Hall of Zoopla.co.uk, the top end of the property market operates seemingly in isolation to the rest of the market.

“Wealthier buyers are relatively impervious to the economic problems affecting the rest of the market, most notably when it comes to getting a mortgage,” he explained. “Foreign buyers in particular have gravitated towards top-end property in London over the last few years, which has pushed up demand and prices on more expensive property as they try to secure a limited supply of top-end homes in the capital.”

Most property millionaires are in London

Almost two-thirds (64%) of Britain’s property millionaires live in London, where there are currently 182,583 people whose homes are worth more than £1 million.

Many of them can be found in Kensington, W8, where the average property value amounts to £2,186,471. According to Zoopla, a patch of Kensington floor space the size of a Kindle (228cm²) is now valued at a whopping £389.

The most expensive street in Britain is Kensington Palace Gardens. Dubbed ‘Billionaires Row’, the average home on the street is worth over £25 million. This exclusive address is home to Russian-American businessman Leonard Blavatnik, the UK’s 6th richest man, and to Lakshmi Mittal, the wealthiest man in the UK with a personal fortune of around £9.8 billion.

Scottish property millionaires

Scotland saw the number of its property millionaires increase by over 6% in 2012 – up 429 to 7,264.

According to an earlier Zoopla property rich list, published in June last year, four out of the top five most expensive streets in Scotland are in Edinburgh – North Charlotte Street, Whitehouse Terrace, Easter Belmont Road and Wester Coates Avenue. Caledonian Crescent in Auchterarder sneaked into third place, with its average house price coming in at £1,519,791.