According to research from HSBC, over 43,400 new property millionaires have been created over the last 15 years, through the purchase of £1 million plus homes. 61% of £1 million plus properties sold over the last 15 years were in Greater London.
In comparison, over 2,300 jackpot millionaires have been created in the 15 years since the start of the National Lottery in November 1994.
Land Registry data for England and Wales has recorded just four properties officially sold for over £20 million since 1994.
The postal district, Elmbridge, Surrey (South East), has the largest concentration of million pound sales outside the capital (4% of all £1 million sales. Towns in regions outside London with the highest concentration of £1 million sales include Cobham (South East), Poole (South West) and Altrincham (North West).
In 1995 only 186 properties across England and Wales sold for over one million pounds. The number gradually rose to a peak of 8,834 in 2007.
The average house price across England and Wales has risen 213% over the past 15 years from £64,836 in 1995 to £202,813 in 2009 Q2.
Andy Mielczarek, Head of Retail Products, HSBC, says: ‘One million pound plus sales have grown dramatically since 1994, from 186 in 1995 to an estimated 2,800 sales for this year; up 15 times.
‘This growth in the number of £1 million plus properties has been helped by the staggering 213% increase in house prices over this period. Despite recent house price declines, the increase in the nation’s property wealth has outstripped retail price increases* by over four times during this period.’