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The number of people who own propery worth more than £1m and more has incresed rapidly during the course of the last decade.

Data compiled by ourselves shows that the UK mortgage market is now home to 390% more property millionaires than it was at the start of the century.

We calculate that there are over 131,500 homes worth over £1m in the UK, almost a five-fold increase on the 26,750 that existed in the year 2000.

When property prices fell following the credit crunch, over 43,000 properties lost their £1m+ status. However, since 2009 the market for top-end properties has recovered very strongly. Over the 12 months, the number of £1m+ properties has risen by around 29,100, returning the number of £1m+ properties close to its early 2008 peak when there were over 147,000 of them. 

The recovery at the top end of the mortgage market has been largely attributed to overseas buyers looking for a good home for their capital and some bankers still enjoying large bonuses.

Over 77% of £1m+ homes are located in London, with the capital’s SW post code holding 29%. London’s SE postcode area has also showed a staggering 23% increase in its number of property millionaires in the past decade.

For many of us our home is our castle and in recent years we’ve often viewed our home as a key investment too. Whether you’re a property millionaire or not, prospective buyers and those remortgaging need to ensure they get a fair deal on their house and mortgage.

Our research shows that the number of million pound homes for sale has risen considerably over the past year and the number of people looking to buy them has also jumped by over 20%,so it’s no wonder that the prime property market is recovering so quickly.