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Do you live in or near one of Britain's property millionaire hotspots?

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  • The number of British property millionaires has fallen by 35,000 during the past year following house price drops in London.

    A total of 733,777 homeowners now have a property valued at £1m or more, down from 768,553 in 2018, according to Zoopla data.

    But while those living in homes worth seven-figure sums declined in London and the South East of England, other regions saw strong increases as house prices continued to rise.

    Annabel Dixon, spokesperson for Zoopla, said: “It’s hard to ignore the overall decline in million-pound properties in the past 12 months. But it’s clear to see the majority of this decline resides in London.

    “Outside of the capital, there has been significant growth in seven-figure properties, especially in the East of England and West Midlands.”

    Overall, £1m-plus homes account for 2.5% of the nation’s housing stock.

    Where are the most property millionaires?

    Despite seeing falls in property values, London continued to be home to the most property millionaires, accounting for 395,871 million-pound homes or 12.6% of the nation’s total.

    It was followed by the South East of England at 171,454, although numbers were also down year-on-year here, and the East of England at 76,077.

    In terms of individual towns, Guildford has the highest number of seven-figure properties at 5,615, just ahead of Cambridge at 5,426.

    Sevenoaks came in third at 5,188, with St Albans and Edinburgh completing the top five.

    While it did not make it into the top 10, Cobham in Surrey has the highest proportion of £1m homes, with 44.3% of properties in the town valued at more than this sum, closely followed by Beaconsfield in Buckinghamshire at 44.2%.

    Which regions have seen the strongest growth?

    The East of England saw the strongest growth in million-pound homes during the year, with 6,237 new property millionaires created in the region.

    Although it only accounts for 0.5% of Britain’s total number of £1m properties, the West Midlands also enjoyed solid gains, with 1,002 homes crossing the seven-figure threshold.

    In North West England and Yorkshire and The Humber the number of £1m-plus homes increased by 329 and 203 respectively.

    Despite having the fewest property millionaires at just 2,373, Wales also saw good growth, with 150 new property millionaires created during the year, the equivalent of one every 2.4 days.

    What about London?

    Westminster, where the average home is valued at £1.6m, is home to the most seven-figure properties in the capital at 54,137, or 46.4% of housing stock in the area.

    It is followed by Kensington and Chelsea at 44,130 and Camden at 34,569.

    By contrast, the outer-London borough of Barking and Dagenham is home to just 22 million-pound properties, while in Newham and Bexley there are only 522 and 673 respectively.

    How to become a property millionaire

    Try Zoopla’s £1m property calculator to see how long you might have to wait until your home hits the million-pound mark.

    Top three takeaways

    • The number of British property millionaires has fallen by 35,000 during the past year
    • A total of 733,777 homeowners now have a property valued at £1m or more, down from 768,553 in 2018
    • While those living in homes worth seven-figure sums declined in London and the South East of England, other regions saw strong increases 

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