Market still makes millionaires

Despite the slow-moving and mortgage-starved housing market of 2011, the year still produced more property millionaires.

According to the website Zoopla, there are 26,774 more property millionaires today than at the end of 2010, despite the value of the average British property falling by three per cent to £221,128.

The property website estimates that 73 more property millionaires were created every day in 2011.

Prices at the top of the market have been driven by the demand for large homes from equity-rich buyers, coupled with relatively low supply.

There are now 253,118 homes valued at more than £1m in Britain. For properties valued at more than £1m, the average value is now £1,688,379 compared to £1,657,858 at the end of 2010, a rise of two per cent, says Zoopla.

London saw the biggest rise, up by more than 18 per cent.