Surge in houses worth over £1m despite property crash

THE number of British property millionaires has soared nearly five-fold during the past decade despite the house price crash.

There are currently 131,996 homes worth more than 1 million in Great Britain, up from 26,776 in 2000, according to research published yesterday by high street bank Santander.

The housing market correction during 2008 and the early part of 2009 led to 43,000 homes losing their million-pound status - a fall of 29 per cent.

But the top end of the property market has recovered well, with house price rises pushing the value of 29,000 homes back over seven figures, leaving the number of property millionaires close to its 2008 peak of 147,000.

Unsurprisingly, 78 per cent of homes worth more than 1m are in Greater London, with 29 per cent of the total in the SW postcode area.