Property millionaires suffer during housing market downturn

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by Kay Murchie

Research from Zoopla.co.uk, the online property website, has revealed the extent to which property millionaires in the UK have suffered since the housing market peaked in autumn 2007.

According to the website, the number of million pound properties in the UK has dwindled by more than a third since the downturn - despite the recent turnaround in property values.

Property millionaires in the North East have suffered the most over the last two years, with an 83% reduction in the number of those who can now claim to be property millionaires.

Wales has also been hard hit, losing more than half (56%) of its property millionaires over the same period.

Meanwhile, Zoopla’s research found that London is home to 57% of all property millionaires.

Alex Chesterman, founder and CEO of Zoopla.co.uk, comments: “The housing market downturn has taken its toll on the exclusive ‘property millionaires club’, reducing the number of those who can claim membership from 283,168 in November 2007 to only 183,630 today.

“London remains the property millionaire capital of Britain, whilst other parts of the country have seen their property millionaire ranks decimated over the past two years, with many of the former million pound pads sitting close to the threshold,” concluded Mr Chesterman.