An interesting survey has revealed that in excess of half a million people are now thought to be so called, ‘property millionaires,’ following a rise of almost double in the last three years.
Property website Zoopla suggests that the total number of people now living in property worth more than £1m now stands at 524,306, according to their rich list. This equates to almost 11,000 streets where the average price of a home is more than a seven-figure sum.[1]
Regional wealth
The survey from Zoopla found that more than 4,700 of these streets were in the capital, with 3,700 in the South East. 121 were north of the border, 17 in Wales and 53 in the North East.[1]
According to Zoopla’s research, the areas outside of London with the greatest of £1m-plus streets are in all Surrey. Guildford, Leatherhead and Richmond have 158, 154 and 144 of these streets respectively.[1]
Kensington Palace Gardens was found to be the country’s most expensive street, with home values here averaging £42.6m. The Boltons and Grosvenor completed the top three.[1]
The top ten most expensive streets in Britain were found to be:
- Kensington Palace Gardens, London, W8, £42,591,972
- The Boltons, London, SW10, £30,288,586
- Grosvenor Crescent, London, SW1X, £22,752,425
- Courtenay Avenue, London, N6, £19,609,231
- Ilchester Place, London, W14, £13,718,746
- Compton Avenue, London, N6, £12,049,363
- Manresa Road, London, SW3, £11,600,920
- Grosvenor Gardens, London, SW1W, £11,321,413
- Cottesmore Gardens, London, W8, £11,037,133
- Frognal Way, London, NW3, £10,702,421
By average price, Britain’s most expensive towns were revealed as:
- Virginia Water, Surrey, £1,208,638
- Cobham, Surrey, £1,037,825
- Beaconsfield, Buckinghamshire, £982,660
- Keston, London, £976,354
- Esher, Surrey, £969,337
- Richmond, Surrey, £939,652
- Chalfont St Giles, Buckinghamshire, £920,797
- Radlett, Hertfordshire, £843,814
- Gerrards Cross, Buckinghamshire, £828,974
- Weybridge, Surrey, £799,828
Capital growth
Lawrence Hall of Zoopla stated that, ‘London continues to be the epicentre of the million-pound property market in Britain, but our property rich list reveals a number of high-value property areas outside the capital, particularly in Surrey and Buckinghamshire, that are very attractive to professionals seeking to live outside yet within easy reach of the city and enjoy low crime rates coupled with good schools.’[1]
Data from another report shows there has been a distinct rise in house price growth following the general election. Research from the Halifax indicates that the annual growth rate increased from 8.6% in the year to May to 9.6% in the twelve months to June. Experts feel that this is due to the stability offered by the new Conservative Government.[1]
[1] http://www.telegraph.co.uk/finance/property/house-prices/11733228/Half-a-million-home-owners-are-property-millionaires.html