Foreign cash lifts number of £1m homes in London

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Figures published today show four out of every five £1 million properties in Britain are in London and the south-east.

The research by property website Zoopla shows the number of millionaire properties in London growing at almost twice the rate recorded around the UK.

Nine out of the 10 areas that feature the most million-plus homes are in London, led by Kensington, where more than half of all homes are worth seven figures.

Other areas with the highest proportion of property millionaires are Chelsea, Barnes, West Brompton, Westminster, Hampstead and the only area outside London, Virginia Water in Surrey.

Nick Leeming, commercial director at Zoopla, said: "The North versus South wealth divide is now starker than ever. 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 £1 million pads at peak levels."

Overall London property values are expected to remain flat in 2011, but agents expect "millionaire homes" to continue to rise.

Dominic Agace, chief executive of London-based estate agent Winkworth, said: "Next year we're expecting prices in prime central London markets to rise 5%. Much of the money is coming from overseas. This year, 70% of our central London applicants were international buyers. The currency is still discounted and finance is affordable for those with equity."

Jones Lang LaSalle's latest residential market forecast predicted London property prices will rise above 9% per year between 2012 and 2014.

Richard Dalton, director of estate agency chain Savills, said: "We have seen a rise this year in the number of properties going for over £1 million. The big driver is the huge international demand. Two very pricey locations are the housing development at 1 Hyde Park and Eaton Square, which continues to see substantial transactions.

"We have had quite a few transactions over £10 million this year. Certain flats very rarely come to market and when they do people grab the opportunity to buy them."