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By Donia O'Loughlin | Published Dec 23, 2010

One in 118 homeowners are property millionaires

There are now 226,344 property millionaires in Britain, equating to one in 118 homeowners in Britain, data from Zoopla has shown.

At the peak of the market in 2007, one in 97 properties was valued at over £1m.

The biggest gains were seen in London, the South East and East of England, with gains of 11.1 per cent and 11.9 per cent respectively in 2010

At the other end of the scale, Scotland saw its property millionaire ranks fall by 13.7 per cent and the number of Welsh property millionaires fell by 48.8 per cent, according to Zoopla.

Nick Leeming, commercial director at Zoopla, said: "Property values have recovered well at the top end of the property market but the rest of the market and particularly the North have seen a steep decline in high-end property values.

"The prime market in the South has been impacted far less by the mortgage squeeze as a result of the inflow of foreign money and the strength in the City keeping demand for million pound pads at peak levels."

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