Britain has fewer property millionaires, but one region saw a 9% increase in seven figure homes

The number of property millionaires in Britain is falling, with almost 35,000 fewer homes worth £1 million than a year ago.

The research by online estate agent Zoopla, shows that there were 768,553 homes worth more than a £1 million in February 2018, compared to 733,777 seven figure homes this year. 

The fall in the number of property millionaires is being fuelled by drops in the number of £1 million pound properties in London and the south-east, the regions with the highest concentration of seven figure properties in Britain.

London suffered an 8% fall in the number of property millionaires compared to 2018. There are now almost 35,000 fewer seven figure properties in the capital than last year. The south-east saw a 5% drop in the number of property millionaires, down from 180,397 in 2018 to 171,454 this year. 

The declines mean that just 2.5% of the UK housing stock is now worth £1 million or more, down from 2.7% in February 2018.

Stamp duty changes introduced in 2014 by then Chancellor George Osborne have been blamed for slowing the London property market in recent years. The changes to stamp duty introduced a surcharge of 3% on buy-to-let properties and second homes. Additionally, they pushed up the cost of buying houses in the highest price brackets.

Brexit uncertainty has also been blamed for the drop in prices within London, given the influence of wealthy foreign buyers in the capital. Estate agent Your Move reported that house prices in Kensington and Chelsea, the most expensive place to buy a home in the UK, have dropped by 21.2% in the last year.

The decrease in property millionaires in London and the south-east has been partially offset by rises in the number of million pound properties in other regions of Britain, with lower concentrations of property millionaires. The East of England, the West Midlands and North West England all saw increases in the number of one million pound properties on 2018. 

The number of property millionaires in the East of England is up almost 9%, from 69,840 in 2018 to 76,077 in 2019. The West Midlands saw an 8% increase in the number of seven figure properties, up 1002 from the 2018 figure of 12,219 to over 13,200 in 2019.

Wales languishes at the bottom of the table, followed by Yorkshire and the Humber. There are now 2,372 property millionaires in Wales, an increase of 150 on the 2018 figure. The number of property millionaires in Yorkshire and the Humber stands at 4,306, with 203 millionaires added in the last year.

Guildford maintained its title as the town home to the most property millionaires in Britain. There are 5,615 seven figure homes in the Surrey town, down almost 300 from the number last year. It was closely followed by Cambridge, where there are 5,615 property millionaires. The Kent town of Sevenoaks knocked Reading from third place, despite losing 228 seven figure properties in the last year.

Reading was overtaken by five towns: Sevenoaks, St Albans, Edinburgh, Oxford and Bristol, dropping to 7th place. It has lost a staggering 779 £1 million pound properties in the last year, amounting to 17% of its property millionaires.

Number of homes valued at £1 million or more, by British region:

1. London: 395,871

2. South East England: 171,454

3. East of England: 76,077

4. South West England: 34,367

5. West Midlands: 13,221

6. North West England: 12,881

7. Scotland: 11,087

8. East Midlands: 7,298

9. North East England: 4,842

10. Yorkshire and the Humber: 4,306

11. Wales: 2,373

The 10 British towns with the most properties worth £1 million or more:

1. Guildford: 5,615

2. Cambridge: 5,426

3. Sevenoaks: 5,188

4. St Albans: 4,889

5. Edinburgh: 4,818

6. Oxford: 4,791

7. Bristol: 4,764

8. Reading: 4,642

9. Twickenham: 4,505

10. Leatherhead: 4,140