Number of UK properties worth £1m or more tops 400,000

Written on 5 February 2015 by Alistair Boscawen in Property News

Soaring property value mean there are now 400,000 owners of homes in the UK worth £1m or more, with more than half of those seven-figure residences being found in London. 

A total of 160 families a day became ‘homillionaires’ last year, according to Land Registry figures, and experts believe that the rate of property millionaire households will reach nearly 200 a day this year.

Although the total value of UK property worth £1m or more is estimated to be £836bn, they warn many of these families remain cash poor as their wealth is tied up in property.

The majority of the property wealth is in London. Of the 10,600-plus streets across the country with an average house price of at least £1m, the most expensive is Kensington Palace Gardens, which has an average house price of £42.7m.

There are an estimated 275,000 homes worth £1m or more in London and 72,100 in the south east.

For more information click on the link below:

Daily Mail

Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen


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