Sign up to our Editors Choice newsletter now! Click here

Rise in British million pound properties

Accessibility Menu

Menu Search

24dash - The UK's most up-to-date social housing and public sector news website

Rise in British million pound properties

24DASH.COM Logo

Published by Max Salsbury for 24dash.com in Housing and also in Communities, Finance

Rise in British million pound properties Rise in British million pound properties

Over 47,000 British homes saw their value increase to over a million pounds last year.

The 19% rise throughout 2012 means that there are currently 300,142 homes valued at over £1,000,000 in Britain.

According to website Zoopla.co.uk, strong demand for prime residential property during 2012 drove the increase, which was notably sharper than the rest of the market where house prices grew by just 1% overall.

The site found that 64% of the country's million pound properties are in London, which is home to 182,583 such residences.

Kensington in west London is the area with the highest priced homes, where the average property value is currently £2,186,471.

Meanwhile, Britain's most expensive street is Kensington Palace Gardens, where the average property price is £25 million. The street is home to the Russian Emabassy, members of the Saudi royal family and Lakshmi Blavatnik, the richest man in the UK.

The borough of Camden is the area with the third highest amount of million pound properties, with 18,400 such homes. One famous million pound property owner from the area is the Labour leader, Ed Miliband. 

Last year it was revealed that Camden's poorer residents were facing the possibility of having to leave the borough as a result of the Government's housing benefit caps.

Zoopla's Lawrence Hall said: "The top end of the property market operates seemingly in isolation to the rest of the market. Wealthier buyers are relatively impervious to the economic problems affecting the rest of the market, most notably when it comes to getting a mortgage. Foreign buyers in particular have gravitated towards top-end property in London over the last few years, which has pushed up demand and prices on more expensive property as they try to secure a limited supply of top-end homes in the capital."

Comments

Login and comment using one of your accounts...