Britain’s £1 Million Property Market

 

Countryside manor house

New figures from Zoopla reveal that British properties worth over £1,000,000 are on the rise with over 750,000 homes worth at least £1,000,000 in Britain. This is a huge increase of 23% on the million+ property market recorded in August of 2016, which shows the fast rise in property prices, despite a slowdown in rising prices. These properties currently make up 2.7% of the nation’s properties.

Whilst this may be a surprise to you, what’s not surprising is where these properties are located. London is top of the list with a whopping 430,720 properties worth over a million, suggesting that 5% of Londoners are property millionaires. However, this doesn’t take into account those who own more than one £1 million property.

When taking a closer look at London, Westminster, with an average property price of £1,395,836, has the highest number of homes valued at over £1 million, with its 54,231 million+ properties making up 49% of all properties in Westminster. Whilst Kensington and Chelsea have the highest percentage of £1 million + properties with 58% of its property market falling into that category.

Conversely, Wales is bottom of the list with just 2,223 properties worth £1 million or more, making up 0.2% of its overall property market, suggesting that just 1 in 1,400 people in Wales are property millionaires.

The East of England isn’t far from the top, currently ranked third in the table, with London and the South East of England taking the top 2 spots. However, it will take a lot for the east to catch up, with 69,397 properties worth over a million, making up 2.6% of its property market. This is far behind the South East, with a massive 180,397 million+ properties making up 4.5% of its market.

Good news for Norfolk overall with property prices continuing to rise; when will your home be worth over £1 million?

If you would like to know how much your home is worth, Norfolk Property Online offers free no obligation property valuations! To arrange your free valuation get in touch on 01603 300900 or by email: [email protected]