House price surge creates 60,000 more London property millionaires
December 17, 2013
Today’s London Evening Standard reports that almost 60,000 London homeowners joined the “property millionaire” club this year as house prices soared to all-time highs.
A total of 239,703 flats and houses in the capital are now valued in seven figures — more than 61 per cent of Britain’s total – according to a report by Zoopla.
The biggest increases were in east London and suburban boroughs where million-pound homes were virtually unheard of a few years ago. Hackney saw its property millionaire club more than double to 1,790. There was a 90 per cent increase in Kingston-upon-Thames to 4,328, while Redbridge and Waltham Forest also saw big rises.
Barking and Dagenham remains the only London borough without a single property worth more than £1 million.
The limited supply of new homes in the capital was largely responsible for pushing a further 57,120 over the £1 million mark — creating 156 new property millionaires a day in the capital throughout 2013, said Zoopla.
Paula Higgins, head of consumer group HomeOwners Alliance, said: “This is good news for those homeowners in London who bought at the right time in neighbourhoods that have seen massive increases.
“The tragedy is that their children will not have the same opportunity, as they are priced out and can’t even get a foot onto the housing ladder. Most homeowners want stability in the housing market and a major increase in supply of housing to match demand.
“We urge the Government to be more bullish about building in 2014.”
Across the UK, there are now more than 393,000 homes worth more than £1 million — About 1.4 per cent of the national housing stock. The fewest, just 1,043, are in Wales.
Check out our House Price Watch index for the latest house price information in your area
Top tips: how to save for a deposit
‘We don’t want to be generation rent’ – a first time buyer’s perspective
Help to Buy – a pessimistic first time buyer’s perspective
Help to Buy – an optimistic first time buyer’s viewpoint
Second Stepper Blog Part 1: Decision time
Mates mortgages and other mortgage innovations
Can I afford to buy a home?
6 steps to improve your credit rating before getting your first mortgage
How can the government help you buy a home?