Venture outside London to find your ideal prime location to live in and no better guide exists than our research into the nation’s £1million home hotspots, published late last week.
It reveals that Beaconsfield in Buckinghamshire has the highest proportion of £1 million homes for sale (at 47%) locally, out pacing the 13% of similarly-valued homes on the London market.
Other millionaire property hotspots identified include Virginia Water in Surrey and Much Hadham and Radlett in Hertfordshire, where more than a third of all properties for sale had seven-figure asking prices.
On a regional level, Surrey contains the most ‘millionaire towns’, with ten of the 41 hotpots based there. Hertfordshire is represented six times, while Buckinghamshire is represented five times. Overall, some 3.5% of properties on the UK market are valued at more than £1m, our research shows, and some 41 towns across Britain have a higher percentage of their homes for sale over £1m than London.
But though this tally of house prices may strike many as fascinating but not surprising, remember that Britain’s million-pound home market was, not that long ago, tiny by comparison.
Reading Country Life magazine recently we spotted an article revealing how, in 2001, some one in every 559 homes in England and Wales had an asking price of £1m+ while five years later it had increased to one in every 223 homes. And to give you an indication of the enormous wealth Britain’s property market has helped create recently, a further five years down the line (today), that number is now one in every 29 properties.
So we wonder what percentage of homes will be worth £1m or more in a further five years time? One indicator might be London, where one in every eight properties is on the market for £1m or more. And where London leads, sometimes the rest of the country follows.