This week, Managing Partner and real estate expert Richard Spector looks at news that now nearly half a million Londoners are “property millionaires”.
Zoopla recently revealed that the number of property millionaires is breaking records every year.
It was no surprise to hear that the vast majority of those are based in London. According to its latest data, the capital is now home to 430,720 properties which exceed the magic £1 million mark. This represents around 12.8 per cent of London’s entire housing portfolio.
The majority of those – around 54,231 – hale from the London borough of Westminster, just shy of half of the entire zone’s housing stock.
Kensington and Chelsea follows, with 45,366 properties exceeding £1 million – representing some 58 per cent of the region’s housing stock.
But it’s not just London that is breaking records. Across England, the total number of property millionaires has grown to 768,553. This is a rise of 143,476 – or 22.95 per cent – since Zoopla last recorded data in August 2016.
Outside of London, Guildford is home to the highest number of property millionaires, followed by the affluent Cambridge and Berkshire-based Reading.
Lawrence Hall, a spokesperson for Zoopla said “whilst there might be a greater number of £1m+ properties than ever before, the data shows that they still only represent a small fraction of all UK housing stock” – around 2.7 per cent.
About Richard Spector: Managing Partner Richard specialises in property transactions and commercial litigation. Richard has acted in a number of high-profile cases and was heavily involved in the litigation that arose from the collapse of Lehman Brothers. Richard has been involved in a number of cross-border litigation cases and recently acted successfully for the Claimants in Harlequin Property (SVG) Ltd & Anr v Wilkins Kennedy, listed in the Lawyer’s top 20 cases of 2016.
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