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

 

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Homeowner Confidence Storms To Four Year High

  • 89% of homeowners predict property prices will rise over next six months
  • Confidence in mortgage availability jumps to four-year high
  • Average homeowner predicts 5.7% increase in property prices (8.3% in London)

89% of UK homeowners expect house prices to rise over the next six months, up from 80% last quarter and representing a record four-year high, according to the latest Zoopla Housing Market Sentiment Survey.

Signalling surging confidence in the housing market, the survey of 9,140 UK homeowners by Zoopla found that only 4% of homeowners now predict house prices will fall over the next six months, down from 7% in Q2 and 17% in Q3 last year.

In another indication of growing optimism in the British property market, for the first time in three years owners are expecting property prices to rise by over 5% in the next six months. Homeowners are predicting an average 5.7% increase in home values in their area between now and March next year, up from 4.8% last quarter and 3.4% in Q3 last year.

Despite the continued rise in homeowner confidence, there has been a slight decline in those planning to buy or sell a property over the next six months – falling under one-fifth for the first time in 2013 (19% and 17% respectively). But interestingly, 66% of homeowners accredit evidence of property sales in their local area as the reason why they perceive the property market to be on the up.

With the next phase of Help to Buy taking effect and lending to first-time buyers at its highest since 2007, confidence in mortgage availability has also risen to a four-year high. In comparison to this time last year, the proportion of homeowners who believe it is easier to get a mortgage compared to three months previously has more than tripled – up from 11% in Q3 2012 to 37% today.

Londoners continue to be the most optimistic about the British property market, with 97% expecting a rise in house values in their area over the next six months. Owners in the capital predict average growth of 8.3% over this period – some way above the nationwide UK average of 5.7%.

Homeowner confidence in the property market is significantly higher in the South. Despite relatively high levels of confidence Yorkshire and the Humber, the North East, North West and Wales are the regions with the lowest percentage of homeowners predicting rising home values by March next year (all at 84%).  But across the UK, all eleven regions have seen an increase in the percentage of homeowners who think house values will rise over the next six months.

The most significant increase in homeowner confidence has been in the West Midlands and Yorkshire and the Humber, where the proportion of owners who believe property prices will increase over the next six months has risen from 78% to 90% (West Midlands) and 72% to 84% (Yorkshire and the Humber) in the last quarter. 

Lawrence Hall of Zoopla.co.uk commented: While London remains the forerunner in homeowner optimism, confidence in the property market is surging across the whole UK. Confidence is the bedrock for healthy property transactions but it can’t work in isolation. Fortunately, mortgage lending is on the rise, first-time buyers are returning to the market, and the second phase of the Help to Buy scheme should help boost confidence further across the country and not just in London. All of this bodes well for a healthier market and could lead to more and more transactions, which in turn will create a more sustainable market.” 

131023 SentimentSurveyQ32013Graph

Property price reductions at lowest level for almost three years

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In a further sign of strength in the housing market, research out today from property website Zoopla.co.uk reveals that the number of properties currently for sale that have been reduced in price since first coming onto the market has fallen to its lowest level in almost three years.

In a further sign of strength in the housing market, research out today from property website Zoopla.co.uk reveals that the number of properties currently for sale that have been reduced in price since first coming onto the market has fallen to its lowest level in almost three years.

In a further sign of strength in the housing market, research out today from property website Zoopla.co.uk reveals that the number of properties currently for sale that have been reduced in price since first coming onto the market has fallen to its lowest level in almost three years.

In a further sign of strength in the housing market, research out today from property website Zoopla.co.uk reveals that the number of properties currently for sale that have been reduced in price since first coming onto the market has fallen to its lowest level in almost three years.

The proportion of properties for sale that have had their asking price dropped at least once now stands at 30.7%, down from 34.3% twelve months ago. This marks the third successive quarter where the proportion of reduced price properties has fallen and is the latest sign that confidence is returning to the housing market.

The amount by which asking prices are being discounted on average has also fallen to 6.1%, the lowest proportion since November 2010. But the north-south property divide remains with the top ten areas with both the highest proportion of discounted properties and the biggest asking price reductions all in the north.

Yorkshire has been particularly hit by property price reductions. Six of the ten areas with the biggest proportion of discounted properties are in Yorkshire, including the top three with 42% of properties in Rotherham, 41% in Doncaster and 40% in Wakefield having been reduced in price coming to the market. And Barnsley has the highest average discount in the country to the original asking price at 8.6% followed by Liverpool (8.5%) and Blackpool (8.3%),

London has the lowest proportion of price reductions in the UK with only 24% of properties currently for sale in the capital having had their asking price adjusted downwards. Edinburgh (25%) and Bournemouth (26%) complete the top three. And Edinburgh has the lowest average asking price discount in the UK currently standing at just 4.9% off the original asking price with Swindon (5.3%) and Bedford (5.4%) coming in second and third respectively.

Lawrence Hall of Zoopla.co.uk comments: “There is a generally positive sentiment in the property market at the moment that reflects a genuine belief that the worst of the economic crisis is behind us and that the housing market is at the early stages of a recovery. These figures show that fewer and fewer sellers are feeling the same level of pressure to reduce prices as over the past couple of years which bodes well for a recovery in house pricing.”

Property Sellers Trim Asking Prices To Secure Summer Sales

  • 37% of properties currently for sale have had asking prices reduced
  • Average asking price reduction now stands at just under £19,000
  • Biggest reductions currently on offer in Newcastle and Liverpool

The number of properties for sale across the UK that have been reduced in price at least once by their owners to try to secure a sale is at a nine-month high, according to property website Zoopla.co.uk.

37% of UK properties currently on the market have seen their asking price reduced at least once since first being listed for sale, up from 34% just three months ago. With the average price reduction from the original asking price now at just under £19,000 (7.6%) house hunters can look for property bargains by sorting search results on Zoopla.co.uk by those most reduced in price.

The biggest discounts can currently be found in Newcastle upon Tyne where sellers have knocked an average of 9.6% (£18,888) off their original asking prices and Liverpool where the average reduction is currently 9.1% (£13,643). Wakefieldtops the list of places with the highest proportion of price-reduced properties on the market today (51%), followed by Rotherham (45.6%) and Barnsley (44.7%).

Nigel Lewis of Zoopla.co.uk said, “Activity levels tend to fall over the summer months as holidays delay the buying process. With the recent bad weather and the extended Jubilee bank holiday, the rise in proportion of price reductions is a signal that sellers have been doing everything they can to try and tempt those buyers still in the market. Once the distractions of summer holidays and the Olympics are gone buyers will once again be able to focus attention on their property search and this should bolster confidence among sellers.”

Top 5 Areas with Biggest Asking Price Reductions

Rank

Area

Avg. Price Reduction (%)

Avg. Price Reduction (£)

% of Homes on Market Reduced

1

Newcastle upon Tyne

9.6%

£18,888

37.9%

2

Liverpool

9.1%

£13,643

39.6%

3

Stockport

8.9%

£17,813

44.1%

4

Rotherham

8.7%

£13,170

45.6%

5

Romford

8.6%

£25,033

42.5%

Source: Zoopla.co.uk (August 2012)

Top 5 Areas with Highest Proportion of Asking Price Reductions

Rank Area

% of Homes on Market Reduced

Avg. Price Reduction (%)

Avg. Price Reduction (£)

1

Wakefield

51.0%

8.6%

£15,763

2

Rotherham

45.6%

8.7%

£13,170

3

Barnsley

44.7%

7.9%

£10,844

4

Stockport

44.1%

8.9%

£17,813

5

Warrington

43.9%

7.8%

£14,267

Source: Zoopla.co.uk (August 2012)

Top 5 Areas with Smallest Asking Price Reductions

Rank

Area

Avg. Price Reduction (%)

Avg. Price Reduction (£)

% of Homes on Market Reduced

1

Plymouth

5.8%

£10,761

38.4%

2

Reading

6.0%

£19,420

33.0%

3

Northampton

6.1%

£12,041

39.6%

4

Worthing

6.2%

£15,660

35.1%

5

Bristol

6.3%

£13,865

37.9%

Source: Zoopla.co.uk (August 2012)

Top 5 Areas with Lowest Proportion of Asking Price Reductions

Rank

Area

% of Homes on Market Reduced

Avg. Price Reduction (%)

Avg. Price Reduction (£)

1

London

29.0%

7.0%

£44,118

2

Chorley

29.8%

7.1%

£12,929

3

Lincoln

32.4%

6.7%

£11,073

4

Reading

33.0%

6.0%

£19,420

5

Hull

34.0%

7.6%

£8,943

Source: Zoopla.co.uk (August 2012)

Great Housing Debate 2012 – Only 8 days to go!

The Wriglesworth Consultancy is hosting the sixth Great Housing Market Debate sponsored by HSBC and supported by Spicerhaart, Zoopla and the Paragon Group.   

The debate, on Thursday 19th April 2012 will take the format of BBC Question Time with eminent experts in the panel, including:

·          Martijn van der Heijden, Head of Lending at HSBC and Chairman of the Council of 
           Mortgage Lenders

·          Nigel Terrington, Chief Executive of The Paragon Group   

·          Hugh Pym, BBC’s Chief Economics Correspondent

·          Yolande Barnes, Director of Residential Research at Savills

·          Paul Lewis, presenter of The BBC’s Radio 4’s Money Box and “voice of the 
           consumer”

Chaired by John Wriglesworth, Managing Director of The Wriglesworth Consultancy, questions on various aspects of the housing market will be taken from the floor, including the future of housing prices, lending and transaction trends. John Wriglesworth comments: “This event and has become a focal point in the calendar for those related to the property industry and this year’s panel will no doubt have some very strong views to spark the debate.”

Average property discounts hit all-time high

  • Over a third of all properties currently for sale have had asking price cut
  • Average UK asking price discount now at all-time high of £19,580
  • Biggest reductions currently on offer in Glasgow, Blackpool and Maidstone

Over a third (36.7%) of UKproperties for sale currently have been reduced in price at least once since first coming onto the market. The average discount off the original asking price being offered by sellers across the UKon these homes now stands at £19,580 (7.5%), according to property search website Zoopla.co.uk.

The average discount on price-reduced properties on offer today is over £1,000 more than this time last year when it stood at £18,475 (7%). Homeowners have slashed huge sums from their original asking prices in an attempt to attract buyers. The total amount reduced from the asking prices of all properties currently for sale across the country stands at £2.5 billion.

Zoopla.co.uk, which lists hundreds of thousands of properties for sale, offers a unique facility on its website that lets users sort search results by those that have been most reduced in price, highlighting potential property bargains to home buyers across theUK.

Glasgow tops the list of places where the biggest discounts are currently on offer with an average price reduction of 9.2% (£12,566). Sellers in Blackpool are also making big concessions, knocking 9% off their original asking prices on average, whilst Maidstone rounds out the top three areas with the highest average reductions in price at 8.5% (£19,668).

Stockport has the highest proportion of discounted properties for sale with nearly half (49%) of sellers having cut their asking prices at least once. Other areas where a big proportion of sellers have felt the need to drop prices include Chesterfield (45%) and Rotherham (44%).

Nicholas Leeming of Zoopla.co.uk, said, “The current average discount of £19,580 is a new high indicating that sellers have come to terms with the market realities. Pricing correctly remains key when selling a home and whilst there is a shortage of sale stock currently, buyers are more discerning and more informed than ever before. Serious sellers must do their homework and follow the advice of their agent before settling on an asking price – otherwise they may well find their property on the market for longer than they’d hoped.”

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