London leads charge in the £1 million home stakes

by Property118.com News Team

20:08 PM, 7th January 2011
About 8 years ago

London leads charge in the £1 million home stakes

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London leads charge in the £1 million home stakes

Despite uncertain house prices, a staggering 35 new property millionaires woke up every day last year to find their homes had hit the seven-digit landmark.

Most of them lived in leafy London suburbs rather than north of Watford.

Foreign buyers snapping up chic homes in the capital for cash has kept the market buoyant while the rest of the country has suffered from a squeeze on mortgages that has pushed prices down.

Property portal Zoopla reports 2010 saw 12,811 homeowners celebrating their properties were now worth a £1 million or more – taking the number of properties at the top of the market up to 226,344 or 1-in-118 of all homes in Britain today.

At the peak of the market in 2007, only 1-in-97 properties were valued at over £1 million.

Posh Kensington is the priciest UK postcode

The biggest gains were seen in London and the Home Counties, where the number of property millionaires swelled by double-digits throughout last year. At the other end of the scale, the number of property millionaires in Wales and Yorkshire and the Humber halved.

London and the South East accounts four out of every five (79%) million-pound properties in Britain, with London alone chalking up over half the national total (54%).

While the number of property millionaires in London and the South East grew by 11% in 2010, Scotland lost 13.7% and the number in Wales plummeted by 48.8%.

London is also home to nine of the top 10 areas in the UK with the highest proportion of homes that are valued at over £1 million, led by Kensington (W8) where more than half (52%) of all homes are worth more than £1 million.

The only area outside London making the top 10 was Virginia Water in Surrey (GU25) where 30% of homes are in the £1 million pound plus bracket.



Comments

18:38 PM, 13th January 2011
About 8 years ago

When I left University and started work in 1987, all the papers at the time were full of stories about Thatcher and the "north/south divide". I can't make my mind up whether it's reassuring that nothing has changed in 23 years (well, got worse, in fact).

8:30 AM, 14th January 2011
About 8 years ago

i would like someone to tell me what they think the north /south divide is or what makes the term north/south divide

19:29 PM, 14th January 2011
About 8 years ago

According to Wikipedia:-

"Definitions of North-South divide on the Web:

•The North-South Divide (or Rich-Poor Divide) is a socio-economic and political division that exists between the wealthy developed countries, known collectively as "the North", and the poorer developing countries (least developed countries), or "the South. ...
en.wikipedia.org/wiki/North-South_divide

•In England the term North–South divide refers to the economic and cultural differences between southern England - the South-East, Greater London, the South-West and parts of the East - and the rest of England, generally including North-East England, North-West England and Yorkshire and the ...
en.wikipedia.org/wiki/North-South_divide_(England)

•A number of historians of Wales have queried the notion of a single, cohesive Welsh identity. In 1921 Sir Alfred Zimmern, the inaugural professor of international relations at the University of Wales, Aberystwyth, argued that there was "not one Wales, but three": archetypal 'Welsh Wales ...
en.wikipedia.org/wiki/North-South_divide_(Wales)"


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