The sharp decline in house prices stemming from the credit crunch has hurt the ranks of property millionaires in the UK where, at the height of the market in late 2007, 1 in 97 properties was valued at over £1 million but today that figure stands at just 1 in 150.

Despite the decline in house prices, certain parts of the country remain awash with property millionaires, notably London and the South East, where four fifths (81%) of all million pound homes can be found.

The capital is home to 57% of all property millionaires, with the largest share residing in Kensington (W8) where 48% of all properties are worth over £1 million.

Outside the capital, Virginia Water in Surrey leads the property millionaire stakes, with 28% of homes in the area worth more than a million pounds, compared to a national average of just 0.88%.

Property millionaires in the North East have been hit the hardest over the past two years, with an 83% reduction in the number of those who can now claim to be property millionaires. Wales has also suffered, losing 56% of its property millionaires over the same period.

Alex Chesterman, CEO of Zoopla.co.uk, said: “The housing market downturn has taken its toll on the exclusive ‘property millionaires club’, reducing the number of those who can claim membership from 283,168 in November 2007 to only 183,630 today. London remains the property millionaire capital of Britain, whilst other parts of the country have seen their property millionaire ranks decimated over the past two years, with many of the former million pound pads sitting close to the threshold.”