Published ¤ 28/05/2012 14:42:31
Virginia Water in Surrey is the UK's number one property millionaire hotspot, home to a higher proportion of properties valued at £1 million or above than anywhere else in the country, according to new research from property website PrimeLocation com.
Seven of the UK's top 10 millionaire towns are located in the South East – the wealthiest region in the UK in terms of property with £1.65 trillion worth of homes spread across its towns and cities.
Across the UK as a whole, the average proportion of homes worth over £1 million is 3.1%, making one in every 32 properties in the UK a million-pound-home. This is slightly fewer than in 2011, when one in 29 properties were on the market for over a million pounds.
With a staggering 48.5% of homes in Virginia Water valued at than £1 million or more, this hugely affluent area now has the highest proportion of million pound homes in the country. In 2011, Virginia Water had the second highest concentration of million pound homes, at 44%.
Closely behind Virginia Water is Radlett, Hertfordshire, where 47% of the housing stock is worth £1m+. Home to Chelsea's training ground, Cobham is third in the table with 39.5% of homes reaching the £1 million price point.
Beaconsfield, which previously had the UK's highest proportion of million pound homes, has slid down the rankings this year, though sits at a respectable fifth in the league table. While over a third (35.8%) of properties in the town are still worth over a million, this is a significant fall since last year, when almost half (47%) of properties were in this price range.
Table: Top 10 towns in the UK with the highest proportion of £1m+ properties
Nigel Lewis, property analyst at PrimeLocation.com commented: "There are a number of factors that have led these UK towns to become millionaire hotspots. Most of these areas are home to a high proportion of spacious and luxurious properties set in a peaceful and exclusive environment, within easy commuting distance of London, but this sought-after combination comes with a hefty price tag.
"Not only is Virginia Water a commuter town offering easy access to the Capital, it's also home to the famous Wentworth Estate which encompasses one of Europe's premier residential areas. With a significant proportion of the housing stock being large detached properties, the price of which averages £1,210,326, this affluent area has overtaken Beaconsfield as the UK's hottest £1m+ location."
The eye-watering property prices of homes in the Virginia Water area is also mirrored by the rental market, where asking prices of £15,000 per month are not uncommon.
Paul Skinner, from Odiham based mortgage broker PKS, also commented: "Living and working in the South East has become extremely expensive, not only to buy, but also to rent. Another recent survey showed that the area has the highest proportion (36%) of tenants paying over 50% of their income in rent.
"At PKS we are used to dealing with high value properties and have access to high value mortgages too. It is essential to obtain the right advice in this specialist area, as many high street lenders are less keen to lend over £1M."
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