It’s not just “mansions” that are now million pound homes
Just over one third of properties across the prime areas of London were worth £1m or more in September 2011 (34.6%), a figure that has risen to two in five (43%) over the last three months.
The report also shows that properties worth more than £1m are no longer confined to locations in prime central London. In September 2010, 57.1% of £1m properties were located in the traditional prime central locations such as Chelsea and Kensington, a figure that has now fallen to 52.7% as areas to the south and west undergo strong price growth.
However, this growth has also boosted the number of homes worth £2m in prime London – 18.5% of all homes in prime London are worth £2m or more, compared to 14.3% a year ago, while 35.5% of homes in prime central London are now worth £2m or more.
Peter Rollings, CEO of Marsh & Parsons, said: “After the meteoric price rises seen in prime London in the past few years, the number of property millionaires in the capital has also shot up. Properties no longer have to be palatial to be worth £1m. If they are located in a popular prime area, there’s a good chance they’ll be worth a seven figure sum. They do not necessarily have to be “mansions”.
“International and domestic buyers have been flocking to prime property in recent years, but this influx of wealth is no longer concentrated in the most central locations. With the supply of homes especially constrained in the central prime areas, wealth has been overflowing into areas like Balham, Clapham and Brook Green, pushing up prices and boosting the number of £1m properties across the capital.”buying house, real estate, selling house
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