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Over 600,000 UK properties exceed £1m

According to Zoopla, a leading UK property website, the number of properties which are worth more than £1 million has increased to 622,939 this year.

The number of property millionaires in the UK has now reached over 600,000, with property values continuing to soar. This means that the number of properties which exceed this value has increased, rising by 14%, with 75,796 properties breaking that barrier within the last 12 months. A total of 2.2% of home owners now have a property which is worth a seven-figure sum in the UK. Furthermore, over half of those home owners live in London.

In the Capital, there are now 380,337 properties worth in excess of £1m, a 10% increase compared to the figures of last year. Chelsea, Westminster and Kensington are still the areas with the highest number of properties exceeding a £1m value, although the figures have changed very little since last year.

The top ten boroughs with the lowest average prices experienced the highest increase in property millionaires, with Waltham Forest, Redbridge and Newham all seeing increases of more than 55%. The lowest number of properties with a value of £1m or more is in Wales, with just 1,404. Yorkshire and the Humber and East of England saw the largest increases in the number of property millionaires outside London, with 24% and 28% respectively.

As property prices continue to soar, it is even more important that borrowers choose the right mortgage product. Mortgage advisers spend time attending CeMAP training courses so that they can offer sound advice.

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