Rise in number of property millionaires

With rising house prices, it has been estimated that the UK now has over half a million property millionaires.

The information was collated using the property rich list on popular website Zoopla, which showed that the number of people who live in properties valued at over £1 million has doubled over the past three years.

Across the whole of the UK there are almost 11,000 streets where house prices average in excess of £1 million, and nearly 5,000 of them are in London alone.

Data has also been compiled from one of the largest mortgage lenders Halifax PLC, which showed that there was an increase in house prices following the recent election. The annual rate of growth has increased to just under 10% up to June, which is the quickest pace since September last year.

Zoopla’s Lawrence Hall said:

“London continues to be the epicentre of the million-pound property market in Britain, but our property rich list reveals a number of high-value property areas outside the capital, particularly in Surrey and Buckinghamshire, that are very attractive to professionals seeking to live outside yet within easy reach of the city.”

Zoopla confirmed that outside London, Surrey came second with the highest concentration of £1 million plus properties.

As a qualified mortgage adviser you will be in a position to assess your customers affordability in order to ascertain how much they may borrow. Having passed your CeMAP training and end exam, you will able to competently work within the regulation set by the Financial Conduct Authority (FCA), and best advise your customers as to what mortgage would best suit their needs.



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