Conveyancers who target high net worth clients might not be doing quite as badly as the rest?
The latest figures released by Zoopla show that the housing market is not all doom and gloom with:-
– 12,811 more property millionaires now than at end of last year
– Equivalent to 35 new property millionaires created daily in 2010
– Ranks swell in the South but decline sharply elsewhere in country
– 1 in 118 homes in Britain now worth £1m or more (1 in 97 at peak in ‘07)
The widening gap between North and South has never been so stark as is shown by the latest figures on the number of property millionaires in Britain from property website Zoopla.co.uk. One in 118 homeowners in Britain today is a property millionaire whilst at the peak of the market in 2007, one in 97 properties were valued at over £1 million.
The biggest gains were in London, the South East and East of England where the number of property millionaires grew by double-digits throughout 2010. At the other end of the scale, the number of property millionaires in Wales and Yorkshire & the Humber halved over the past 12 months, according to the research by Zoopla.co.uk.
London and the South East are now home to four out of every five (79%) million-pound properties in Britain with London alone accounting for over half the national total (54%). And while the number of property millionaires in London and the South East grew by 11.1% and 11.9% respectively in 2010, Scotland saw its property millionaire ranks fall by 13.7% and the number of Welsh property millionaires fell by a staggering 48.8%.
London is also home to nine of the top ten areas in Britain with the highest proportion of homes that are valued at over £1m, led by Kensington (W8) where more than half (52%) of all homes are worth more than £1m. The only area outside London making the top ten was Virginia Water in Surrey (GU25) where 30% of homes are in the million pound plus bracket.
Nick Leeming of Zoopla.co.uk said: “The North vs. South wealth divide is now starker than ever. Property values have recovered well at the top end of the property market but the rest of the market and particularly the North have seen a steep decline in high-end property values. The prime market in the South has been impacted far less by the mortgage squeeze as a result of the inflow of foreign money and the strength in the City keeping demand for million pound pads at peak levels.”
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