Number of property millionaires rises dramatically in 2016

Number of property millionaires rises dramatically in 2016

The property millionaires club has seen its ranks swell by more than 40,000 people in 2016 alone, with house prices rising across many parts of the UK since the start of this year.

New data released by property portal Zoopla has revealed that the number of residential properties in the UK worth at least £1 million has risen by 40,800 since January.

There is now estimated to be some 660,900 UK properties that are worth at least £1 million.

Unsurprisingly, four out of five (81%) of these properties can be found in London and the South East.

As you might expect, Britain’s most expensive street is also situated in the capital. Plush Kensington Palace Gardens, made up of vast, imposing mansions owned by the super-rich elite, has a current average asking price of £38.26 million.

Properties have been known to go for £100 million and above, with inhabitants including billionaires Roman Abramovich, Leonard Blavatnik and Lakshmi Mittal. It’s known as the “boulevard of billionaires” for a reason.

Britain’s top ten most expensive streets are entirely made up of London postcodes. The Boltons, in SW10, has an average asking price of just over £33 million.

Grosvenor Crescent, in SW1X, has buyers paying more than £21 million for an average home, a property in Courtenay Avenue, N6, would set you back a cool £19 million and Manresa Road, SW3, has an average asking price of more than £13 million.

The top ten is completed by Compton Avenue, N6; Frognal Way, NW3; Ilchester Place, W14; Cottesmore Gardens, W8; and Chester Square, SW1W, where an average home costs more than £10 million.

The same is true for Britain’s most expensive neighbourhoods, with London once again dominating completely. Knightsbridge (SW7) tops the list, closely followed by Kensington (W8) and Chelsea (SW3).

The busy, bustling neighbourhoods of Notting Hill (W11) and Westminster (SW1) are up next, while the world-famous West End area (W1) is in sixth place with an average property price of £1.7 million.

The most affluent, trendy neighbourhoods in West, South and North London make up the top 10, with West Brompton, Hampstead, Barnes and St John’s Wood all with average property prices of more than £1.4 million.

Outside of London, things are still very much dominated by the Home Counties. Guildford, Reading, Leatherhead, Sevenoaks and Maidenhead make up the top five, with Reading and Maidenhead benefitting massively in recent years from the Crossrail effect. Prices in these major towns have boomed as a result of the huge infrastructure project, which is set to start operating in 2017.

The popular Surrey commuter towns of Esher and Woking are up next, followed by well-heeled market town Beaconsfield. Farnham and Harpenden complete the set.  

It is, of course, unlikely that most buyers and sellers will be operating in these high-end, prime markets – in the case of London’s super-rich, the ultra-prime market! – but it is often said that if the higher end of the market is performing strongly, so the rest will follow.

Prime Central London has been having a few struggles of late, thanks to stamp duty changes and the run-up to and aftermath of the EU referendum, but the above research would suggest that the market is in ruder health than suggested.

Significant price rises at the top end of the market tend to feed downwards – which is good for sellers operating outside prime locations. As usual, a bright, attractive, well-maintained property will have the most appeal to buyers. It’s also vital that you give your property plenty of online exposure and regularly shine a light on its best attributes.

The way prices keep rising, we’d expect a few more to join the property millionaires club in the final months of 2016...