The UK is positively booming when it comes to property wealth. A recent report by the Land Registry found that the number of property millionaires in the UK have swelled in the last three years to 500,000 households.
For those who keep their ears to the ground, it won’t come as a surprise that in London there are now 13 streets where the average asking price for a home is £10m or more. What may come as a shock is that throughout the rest of the UK there are 11,000 more streets where the typical asking price is above £1m, says Battersea agent Eden Harper.
The rise in property millionaires has happened despite the recent slowdown and price drops in the upper end of the market before the general election.
Land Registry figures show that in 24 out of London’s 33 boroughs (if you count the City of London as a borough) annual price growth remains in double figures, while the shortage of housing stock continues to prop up prices.
The well-known property website Zoopla has conducted its own research, with its findings showing 524,306 properties in the UK were worth over £1m. This shows a rise of 40,225 properties on the previous year and the figures have doubled since 2012.
Of course, the biggest surge is taking place in London, where it doesn’t seem to matter where you buy you will see a good return on the investment. But for a lucky 60,000 the last three years has seen many of their properties double in value and thus giving them that millionaire status. In London alone there are more than 4,700 streets with these new millionaires, south-east England follows in second place with 3,700, while Scotland claims 121.
With the Conservative Party’s recent general election victory, the market steadied and prices began to rise not just in the luxury market, but in the market as a whole. Homeowners were reassured that their assets were safe under a government that is big on homeownership and wealth creation, and with the threat of the mansion tax fading those at the top end began buying and selling once more.
London will continue to lay the golden egg when it comes to property investment.