The UK now boasts more than 768,000 property millionaires. Where they can be found may come as little surprise but it does, nonetheless, make for interesting reading.
New research and data shows that the number of owners of properties worth £1 million or more has increased by 22.95% since August 2016. In 2016 there were 625,077 millionaire homeowners compared to today's 768,553. This increase was identified by a piece of research carried out by a property portal. Whilst the increase in “millionaire properties” is significant, it is worth pointing out that that it is still a small percentage of the overall housing market in the UK – only 2.7% of the overall market – so if, like me, you cannot claim to be a “property millionaire” there is no need to feel like we have been left behind!
It will no doubt come as no surprise to learn that more than half of the country’s property millionaires reside in London. Within the Capital, the boroughs of Westminster and Kensington and Chelsea have the greatest density of bricks and mortar millionaires.
Other property “hot spots” include Guildford in Surrey and the university towns of Cambridge, Oxford, Bristol, Edinburgh and Reading. Generally speaking, there is a North/South divide with regard to the country’s most expensive properties. However, the North-West does fare well with 12,500 property millioniares residing within our midst.
The increase in properties topping £1 million attests to the growth (albeit modest) that we saw in the property market in 2017 - house prices rose by between 3.9 and 5.1% in 2017 (depending on the source you look at). Predictions for the market as a whole for 2018 indicate a growth of 1-2% with the North of the country being tipped to see greater increases than the South. So, whilst we will be seeing growth in the market, it will be somewhat sluggish with one of the greatest challenges being a lack of properties coming on to the market.
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Danielle comes from a marketing and media background, with over 20 years experience in her field which includes tenures at a number of distinguished Cheshire-based magazines and marketing agencies. Danielle has responsibility for marketing at Rickit…
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