Number of British Property Millionaires Climbs by a Third in 2013

 

  • 92,985 new property millionaires created across Britain in 2013 (255 per day)
  • 61% of all Britain’s property millionaires can now be found in London
  • Kensington and Chelsea home to highest number or property millionaires
  • Wales is British region with the fewest number of property millionaires

Continued strong demand for prime residential property throughout 2013 has created 92,985 more property millionaires in Britain over the past 12 months, according to the latest research from property website Zoopla.co.uk.

The total number of British property millionaires now stands at 393,127, up 31% compared to this time last year, with a high concentration in London and the South East as a result of strong house price growth at the top-end of the property market. As 2013 draws to a close, 1.4% of British homeowners will finish the year as property millionaires.

61% (239,703) of all Britain’s property millionaires can now be found in London. Limited supply of prime property in the capital has pushed the value of a further 57,120 London homes over the £1 million mark in the last 12 months, creating 156 new property millionaires in the capital every day throughout 2013.

The exclusive borough of Kensington and Chelsea is home to the highest number of property millionaires totaling 41,393 (17% of the capital’s total), despite being the smallest London borough covering just 12km². Westminster (40,087), home of such famous Monopoly addresses as Mayfair and Park Lane, and Camden (23,873) round out the top three London boroughs with the most property millionaires.

Outside London, 21,028 more property millionaires were created in the South East during the past year, bringing the total to 82,614. The highest proportion of property millionaires outside the capital can be found in the affluent Surrey area of Virginia Water (GU25) where 32% of homes are now worth over £1 million. Beaconsfield (HP9) and Chalfont St Giles (HP8) come in second and third respectively for having the highest proportion of million pound homes. Wales is home to the fewest property millionaires in Britain, numbering just over 1,000 in total but still up 24% on 2012.

Lawrence Hall of Zoopla.co.uk said: “While Government schemes such as Help to Buy have concentrated popular attention on the lower rungs of the property ladder this year, there’s been a hive of activity propelling house price growth at the top-end of the market. As more and more British properties climb past the million pound level, the impact of a possible Mansion Tax would be wide reaching and risk impacting a significant number of British homeowners both at the top of the market and on the lower rungs of the property ladder.”

NUMBER OF PROPERTY MILLIONAIRES BY REGION

Rank

 

Region

No. of property millionaires

(Dec 2013)

No. of property millionaires

(Dec 2012)

Change over last 12 months

1

London

239,703

182,583

57,120

2

South East England

82,614

61,586

21,027

3

East of England

28,128

20,470

7,659

4

South West England

13,960

12,094

1,866

5

North West England

7,043

5,586

1,457

6

West Midlands

5,418

4,087

1,331

7

Scotland

8,161

7,264

896

8

East Midlands

2,667

2,003

664

9

North East England

2,574

2,082

492

10

Yorkshire & Humber

1,814

1,541

273

11

Wales

1,043

844

199

TOTAL

393,127

300,142

92,985

 Source: Zoopla.co.uk, December 2013

 

HIGHEST PROPORTION OF PROPERTY MILLIONAIRES

Rank

Area

Avg. property values (Dec 2013)

Proportion of £1m+ properties

1

South Kensington (SW7)

£2,092,053

71%

2

Kensington (W8)

£2,498,512

70%

3

Chelsea (SW3)

£1,982,268

56%

4

Westminster (W1)

£1,432,036

51%

5

West Brompton (SW10)

£1,540,704

46%

6

Belgravia & Pimlico (SW1)

£1,473,567

44%

7

Notting Hill (W11)

£1,597,498

42%

8

Earl’s Court (SW5)

£1,188,062

42%

9

Fulham (SW6)

£1,034,246

38%

10

Hampstead & Belsize Park (NW3)

£1,218,532

37%

Source: Zoopla.co.uk, December 2013

 

HIGHEST PROPORTION OF PROPERTY MILLIONAIRES (OUTSIDE LONDON)

Rank

Area

Avg. property values (Dec 2013)

Proportion of £1m+ properties

1

Virginia Water (GU25)

£1,081,595

32%

2

Beaconsfield (HP9)

£839,702

27%

3

Chalfont St. Giles (HP8)

£783,310

22%

4

Hartfield (TN7)

£697,535

20%

5

Gerrards Cross (SL9)

£719,765

19%

6

Radlett (WD7)

£693,525

19%

7

Guildford (GU5)

£733,978

19%

8

Henley-on-Thames (RG9)

£666,547

16%

9

Ascot (SL5)

£643,276

16%

10

Harpenden (AL5)

£649,553

15%

Source: Zoopla.co.uk, December 2013

 

Advertisements

British Property Prices up £10,329 on Average in 2013

 

  • Average home in Britain now worth £244,289, a gain of £28.30 per day in 2013
  • London leads house price gains with average property in capital up £46,398
  • But property price growth is broad with numerous cities in the north doing well
  • Yorkshire and The Humber the only region to see average property values fall

 The value of the average British home has risen by £10,329 during 2013, according to property website Zoopla.co.uk. The average property value in Britain now stands at £244,289, up 4.4% over the year and a gain of £28.30 per day during 2013.

The effect of Help to Buy and low interest rates can also been seen in the figures which show increased demand driving up property values on the lower rungs of the property ladder. In England, semi-detached houses have seen the biggest increase in value, up 6.42% (£13,054) during 2013.

The gain in property values has been broadening out across the country as the recovery finally starts to be felt across the regions. Whilst London continues to surge ahead of the rest of the country with average property values rising £46,398 (10%) since this time last year, Scotland is now hot on the capital’s heels, enjoying a 6.85% increase during 2013. Overall, property prices have risen in ten of the eleven regions across Britain over 2013. Only Yorkshire and The Humber experienced a marginal fall (0.37%) in average house prices over the past 12 months.

And reinforcing the broadening effects of the recovery, northern cities now appear on the top ten list of best performing urban areas in 2013. The largest increase in house prices over the past year has been seen in Newcastle (10.05%). Other cities in the north making the top ten include Barnsley, Glasgow, Dundee, Aberdeen and York, all recording property price gains of over 6.5% during 2013. It is not all good news in the North, with the worst performing city in 2013 being Rotherham in Yorkshire, which suffered a small drop in average home values of 0.1% over the past 12 months. 

Lawrence Hall of Zoopla.co.uk said, “This year saw a host of new government initiatives that are now helping the property market to gain stability and set the foundations for a sustainable recovery. As a result 2013 has witnessed property price growth across most of the country and particularly at the entry level of the market. With confidence in the market increasing, 2014 could see further price growth as transaction levels pick up, construction continues and more property comes to the market.”

AVERAGE PROPERTY VALUES BY REGION

 Region

Avg. value

Dec 2013

Avg. value

Dec 2012

£ Change

 

% Change

London

£510,457

£464,059

£46,398

10.0%

Scotland

£171,690

£160,687

£11,003

6.9%

South West England

£243,437

£229,415

£14,022

6.1%

North East England

£168,795

£159,770

£9,025

5.7%

South East England

£310,973

£294,776

£16,197

5.5%

East of England

£260,018

£248,377

£11,641

4.7%

West Midlands

£182,569

£177,980

£4,589

2.6%

North West England

£164,149

£160,205

£3,944

2.5%

East Midlands

£170,953

£167,237

£3,716

2.2%

Wales

£160,346

£157,983

£2,363

1.50%

Yorkshire and The Humber

£148,507

£149,053

-£546

-0.4%

Source: Zoopla.co.uk, December 2013

BEST PERFORMING CITIES OF 2013

Rank

Location

Avg. value

Dec 2013

Avg. value

Dec 2012

£ Change

 

% Change

1

Newcastle

£183,057

£166,345

£16,712

10.1%

2

London

£510,457

£464,059

£46,398

10.0%

3

Cambridge

£344,881

£316,888

£27,993

8.8%

4

Barnsley

£122,769

£112,918

£9,851

8.7%

5

Cardiff

£203,939

£188,116

£15,823

8.4%

6

Glasgow

£160,935

£148,756

£12,179

8.2%

7

Dundee

£157,270

£146,262

£11,008

7.5%

8

Brighton

£293,927

£273,646

£20,281

7.4%

9

Aberdeen

£226,041

£210,729

£15,312

7.3%

10

York

£237,961

£223,304

£14,657

6.6%

Source: Zoopla.co.uk, December 2013

WORST PERFORMING CITIES OF 2013

Rank

Location

Avg. value

Dec 2013

Avg. value

Dec 2012

£ Change

 

% Change

1

Rotherham

£129,766

£129,896

-£130

-0.10%

2

Bolton

£136,680

£136,284

£396

0.29%

3

Colchester

£236,039

£233,762

£2,277

0.97%

4

Wolverhampton

£160,840

£158,964

£1,876

1.18%

5

Walsall

£151,204

£149,320

£1,884

1.26%

6

Hull

£114,684

£113,141

£1,543

1.36%

7

Swansea

£149,955

£147,570

£2,385

1.62%

8

Nottingham

£154,488

£151,954

£2,534

1.67%

9

Milton Keynes

£227,418

£223,362

£4,056

1.82%

10

Leicester

£177,720

£174,378

£3,342

1.92%

Source: Zoopla.co.uk, December 2013

LSL/ACADAMETRICS WALES HOUSE PRICE INDEX

Welsh house sales hit a three and a half year high

  • Prices decrease but this reflects increased activity by first-time buyers
  • Prices fall by £1,750 from the start of the year

 

House Price

Index

Monthly Change %

Annual Change %

£149,769

232.3

-0.2

-1.5

Oliver Blake, Managing Director of Reeds Rains estate agents: “The housing market is recovering quickly across most parts of the UK, but not in Wales. House prices have fallen in nine out of the last twelve months. They fell by £250 in July and are £2,241 lower than twelve months previously.

“Things are starting to look up though. First-time buyer activity has had a major boost, providing some comfort amid the trials and tribulations. Sales in Wales reached a three and a half year high in July, thanks to the influence of first time buyers. The Government’s Funding for Lending and Help to Buy schemes have had a positive impact, and the Welsh housing market is slowly but surely moving forward on the road to recovery.  Increased mortgage supply and stronger competition between lenders, resulting in better pricing, have lifted the market.

“The fall in the average house price has been partly caused by the increase in first time buyer activity. Most of the properties being purchased are at the lower end of the price spectrum which drags down the overall average. The rise in first-time buyer activity will make the market more fluid as sales from second-time buyers and home movers will result in levels rising which will start to push prices back up again.

“On a smaller scale, it is clear, regional house price growth is directly linked with the way each area’s immediate economy operates. Employment rates and job expectations are key factors in determining the level of housing demand in the UK. Prices fell in 13 local authorities and rose in 9, and the region with the largest monthly fall (Merthyr Tydfill) had the second highest unemployment rate in Wales. Demand for properties is high, but many Welsh first time buyers are finding it tough to secure a mortgage. Many are still locked out of the market altogether and are having to stay in rental accommodation, which is putting pressure on their personal finances and making it tough to save for a deposit.

“The Government’s role is crucial in driving the rate of recovery forward, as the Welsh market is in need of a revival in new properties in order to promote a healthy housing market. The good news is the lending environment has warmed up and will continue to unlock the pent up demand from first-time buyers.”

It pays to be odd when it comes to property

  • Odd numbered homes worth £538 more than even numbered homes
  • The lower the property address number, the higher the property value
  • Named properties worth £90k more on average than ones with numbers

If you own an odd-numbered property, you’re over £500 better off on average than your even-numbered neighbours, according to research from property website Zoopla.co.uk. Analysis of average property values across theUK shows that homes with odd numbers are worth an average of £538 more than even numbers.

Zoopla.co.uk, which provides free value estimates for every home in theUK, reveals that properties with odd-numbered addresses are currently worth £207,202 on average compared to £206,664 for even-numbered addresses. Odd numbered properties are typically located on the left hand side of the street, measured clockwise from the nearest town centre.

The research also shows that the lower the property number, the higher the average value. Number 1 is by far the most valuable address worth an average of £229,411, which is £22,209 more than typical odd-numbered homes and £7,138 more than its nearest rival, number 2.    

All house numbers between 1 and 20 feature near the top of the list of most valuable addresses except for number 13. ‘Unlucky’ number 13 houses are worth £203,892, standing at £3,310 less on average than the typical odd-numbered property.

But owners of properties without any numbers have the most to cheer about according to the data. Properties with names as opposed to numbers are worth an average of nearly £90,000 more than numbered properties, with the average named home in theUKcurrently worth £295,654.  

Nicholas Leeming, Business Development Director of Zoopla.co.uk, said: “Who would have thought that buying an odd numbered home would potentially cost more than an even one? Lower numbered properties have always been popular as #1 and #2 are often corner locations and lower numbers are generally closer to town centres. It seems that a little research can go a long way and if you are not obsessed by numerology and aren’t overly superstitious about which side of the street you live on or the number thirteen, then there might be savings to be had when buying your next home.”

 AVERAGE VALUES BY PROPERTY NUMBER

Property Number

Average Value

1

£229,411

2

£222,273

3

£218,724

4

£217,662

5

£215,605

6

£213,476

7

£212,292

8

£211,711

9

£211,026

10

£210,864

Source: Zoopla.co.uk October 2011