Posts filed under ‘Valuation’
Number of property millionaires in Britan climbs 6% in 2010
Vineyard Lane, Ticehurst, East Sussex for sale: £1,250,000
The North vs. South wealth divide is now starker than ever. Whilst property values have recovered well at the top end of the property market, the rest of the market and particularly the North have seen a steep decline in high-end property values. The prime market in the South has been impacted far less by the mortgage squeeze as a result of the inflow of foreign money and the strength in the City keeping demand for million pound pads at peak levels.
Key findings:
- 12,811 more property millionaires now than at end of last year
- Equivalent to 35 new property millionaires created daily in 2010
- Ranks swell in the South but decline sharply elsewhere in country
- 1 in 118 homes in Britain now worth £1m or more (1 in 97 at peak in .07)
Never has the widening gap between North and South been so stark as is shown by our recent figures on the number of property millionaires in Britain. Overall, 2010 saw the creation of an additional 12,811 British property millionaires, taking their ranks to 226,344 or one in 118 homeowners in Britain today. At the peak of the market in 2007, one in 97 properties were valued at over £1 million.
The biggest gains were seen in London, the South East and East of England, all regions where the percentage of property millionaires grew by double-digits throughout 2010. At the other end of the scale, the number of property millionaires in Wales and Yorkshire & the Humber halved over the past 12 months.
London and the South East are now home to four out of every five (79%) million-pound properties in Britain with London alone accounting for over half the national total (54%). Whilst the number of property millionaires in London and the South East grew by 11.1% and 11.9% respectively in 2010, Scotland saw its property millionaire ranks fall by 13.7% and the number of Welsh property millionaires fell by a staggering 48.8%.
London is also, not surprisingly, home to nine of the top ten areas in Britain with the highest proportion of homes that are valued at over £1m, led by Kensington (W8) where more than half (52%) of all homes are worth more than £1m. The only area outside London making the top ten was Virginia Water in Surrey (GU25) where 30% of homes are in the million pound plus bracket.
Change in number of property millionaires in Britain
| Region | No. of Property Millionaires (Dec .10) | No. of Property Millionaires (Dec .09) | % change over last 12 months |
|---|---|---|---|
| East of England | 18,454 | 16,068 | 14.90% |
| South East England | 56,026 | 50,066 | 11.90% |
| London | 123,236 | 110,890 | 11.10% |
| South West England | 9,357 | 8,953 | 4.50% |
| Scotland | 6,062 | 7,023 | -13.70% |
| East Midlands | 1,634 | 1,927 | -15.20% |
| West Midlands | 3,393 | 4,942 | -31.30% |
| North West England | 4,746 | 7,354 | -35.50% |
| North East England | 1,698 | 2,762 | -38.50% |
| Wales | 578 | 1,129 | -48.80% |
| Yorkshire & Humber | 1,159 | 2,420 | -52.10% |
| TOTAL BRITAIN | 226,344 | 213,533 | 6.00% |
Highest proportion of property millionaires
| Area | Avg. property values | % £1m+ properties |
|---|---|---|
| Kensington (W8) | £1,599,573 | 52% |
| South Kensington (SW7) | £1,315,246 | 46% |
| Chelsea (SW3) | £1,315,315 | 40% |
| Barnes (SW13) | £905,140 | 33% |
| Virginia Water, Surrey (GU25) | £1,004,283 | 30% |
| Notting Hill (W11) | £1,116,144 | 30% |
| West Brompton (SW10) | £1,023,909 | 29% |
| Westminster (W1) | £876,857 | 26% |
| Hampstead (NW3) | £932,686 | 26% |
| St John.s Wood (NW8) | £893,209 | 25% |
| Belgravia & Pimlico (SW1) | £913,209 | 23% |
London’s wealthiest (and less wealthy) housing markets
Clifton Hill, St. Johns Wood, London
Despite the economic climate, the London property market continues to outperform the rest of the country in terms of both current house prices and market performance over the past 3 years. Whilst the capital is the first to falter, it also tends to be the first to recover, however with the upcoming public sector cuts the market is not yet on steady ground.
Key points on the London market are:
- W8 (Kensington) wealthiest housing market in London with average property values of £1,619,044 – £1.2m higher than the average house price in London
- SE28 (Thamesmead) poorest market in London with average house prices 53% below the average in the capital - 88% less than in W8 and 53% below the average in the capital.
- NW8 (St John’s Wood) market has proven the most resilient
- Avg. property value in London now stands at £413,013, 3.2% below peak reached 3 years ago
- Average loss in value of £13,645 over the past 3 years for average London property
Top 10 Wealthiest Housing Markets
| Rank | Market | Avg. home value |
|---|---|---|
| 1 | W8 – Kensington | £1,619,044 |
| 2 | SW3 – Chelsea | £1,337,548 |
| 3 | SW7 – South Kensington | £1,324,887 |
| 4 | W11 – Notting Hill | £1,103,074 |
| 5 | SW10 – West Brompton | £1,051,229 |
| 6 | NW3 – Hampstead | £928,644 |
| 7 | SW1 – Belgravia | £923,446 |
| 8 | SW13 – Barnes | £920,681 |
| 9 | NW8 – St John’s Wood | £888,840 |
| 10 | W1 – Westminster | £867,362 |
Source: Zoopla.co.uk
Top 10 Poorest London Housing Markets
| Rank | Market | Avg. home value |
|---|---|---|
| 1 | SE28 – Thamesmead | £195,811 |
| 2 | SE2 – Abbey Wood | £200,169 |
| 3 | E13 – Plaistow | £207,843 |
| 4 | TW13 – Feltham | £207,963 |
| 5 | SE25 – South Norwood | £210,081 |
| 6 | E6 – East Ham | £210,462 |
| 7 | N9 – Lower Edmonton | £211,120 |
| 8 | SE18 – Woolwich | £214,011 |
| 9 | EN3 – Enfield | £214,353 |
| 10 | TW14 – Hatton | £218,361 |
Source: Zoopla.co.uk
Given it is now exactly 3 years since the housing market in London peaked in late 2007, we also looked at how each area has fared since the downturn began and it is clear that some parts of the capital have weathered the storm far better than others. Average property values in London as a whole remain 3.2% below their peak levels of 3 years ago and now stand at £413,013, representing an average loss in value of £13,645 over the past 3 years, however are up by nearly 17% over the past 18 months from the lows reached in March 2009.
The NW8 (St John’s Wood) market has proven the most resilient in London with average house prices now 6.6% above their October 2007 level. At the other end of the scale, the capital’s biggest loser is SE28 (Thamesmead) where property prices remain 9.33% below their peak levels from 3 years ago.
What is interesting and perhaps unexpected, is that the most resilient areas currently fall in NW postcodes. On closer inspection these locations fall largely along the Jubilee corridor, where family homes in these areas combined with good access to the West End, the City and Docklands on the Jubilee line are likely to have helped prices recover quickly.
Top 10 Most Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | NW8 – St John’s Wood | £888,840 | 6.58% | £54,868 |
| 2 | WC1 – Bloomsbury | £485,106 | 5.46% | £25,104 |
| 3 | NW2 – Cricklewood | £405,375 | 3.30% | £12,936 |
| 4 | NW3 – Hampstead | £928,644 | 3.25% | £29,263 |
| 5 | NW7 – Mill Hill | £470,808 | 1.85% | £8,563 |
| 6 | NW6 – Kilburn | £534,388 | 1.83% | £9,613 |
| 7 | NW1 – Camden | £605,986 | 1.78% | £10,624 |
| 8 | NW10 – Willesden | £321,093 | 1.70% | £5,375 |
| 9 | NW5 – Kentish Town | £508,220 | 1.34% | £6,731 |
| 10 | NW4 – Hendon | £424,541 | 1.25% | £5,220 |
Source: Zoopla.co.uk
Top 10 Least Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | SE28 – Thamesmead | £195,811 | -9.33% | -£20,140 |
| 2 | TW13 – Feltham | £207,963 | -7.15% | -£16,017 |
| 3 | E15 – Stratford | £235,929 | -6.59% | -£16,631 |
| 4 | N20 – Whetstone | £546,144 | -6.58% | -£38,434 |
| 5 | E10 – Leyton | £218,483 | -6.14% | -£14,284 |
| 6 | HA0 – Wembley | £257,417 | -6.14% | -£16,828 |
| 7 | E6 – East Ham | £210,462 | -6.08% | -£13,628 |
| 8 | E16 – Victoria Docks | £270,586 | -6.06% | -£17,463 |
| 9 | SE25 – South Norwood | £210,081 | -5.95% | -£13,280 |
| 10 | E17 – Walthamstow | £233,999 | -5.85% | -£14,537 |
Source: Zoopla.co.uk
Top 10 Most (and Least) Resilient Housing Markets Identified by Zoopla.co.uk
The Royal Crescent, Bath
It’s almost been 3 years since the housing market in England peaked in late 2007, so we decided to look at how each area has fared since the downturn began. What is clear from the findings (tables below) is that some markets have weathered the storm far better than others and the north-south divide is very clear.
Average property values for England as a whole remain 8.7% below their peak levels of 3 years ago and now stand at £225,045, representing an average loss in value of £21,303 over the past 3 years, but are up by 11.2% over the past 18 months from the lows reached in March 2009.
Whilst the London property market has proven far more resilient than most with average house prices now only 3.5% below their September 2007 level, the area where house prices have bounced back strongest is Bath & NE Somerset where property values are now only 1.5% below where they were 3 years ago. At the other end of the scale, the country’s biggest loser is Lincolnshire where property prices remain 11.2% below their peak levels, despite having risen by more than 8% in the past 18 months from the March 2009 lows.
The property market in Oxfordshire came in third place in terms of the most resilient markets with home values now only 4.7% below where they were 3 years ago, followed closely by Warwickshire (down 4.78%) and Hertfordshire (down 4.9%) since September 2007. However, Nottinghamshire (down 11%), South Yorkshire (down 10.7%), Worcestershire (down 10.5%) and the West Midlands (down 10.4%) have not fared much better than Lincolnshire.
Top 10 Most Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | Bath & NE Somerset | £287,332 | -1.51% | -£4,398 |
| 2 | London | £413,350 | -3.45% | -£14,785 |
| 3 | Oxfordshire | £300,642 | -4.67% | -£14,723 |
| 4 | Warwickshire | £213,314 | -4.77% | -£10,677 |
| 5 | Hertfordshire | £317,687 | -4.90% | -£16,368 |
| 6 | West Sussex | £269,774 | -4.98% | -£14,126 |
| 7 | South Gloucestershire | £384,102 | -5.13% | -£20,761 |
| 8 | West Berkshire | £298,439 | -5.30% | -£16,690 |
| 9 | Hampshire | £252,283 | -5.35% | -£14,249 |
| 10 | Surrey | £357,863 | -5.49% | -£20,795 |
Source: Zoopla.co.uk
Top 10 Least Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | Lincolnshire | £155,580 | -11.23% | -£19,690 |
| 2 | Nottinghamshire | £137,949 | -10.97% | -£17,000 |
| 3 | South Yorkshire | £137,413 | -10.66% | -£16,396 |
| 4 | Worcestershire | £201,102 | -10.52% | -£23,632 |
| 5 | West Midlands | £160,502 | -10.40% | -£18,634 |
| 6 | West Yorkshire | £152,897 | -10.19% | -£17,345 |
| 7 | Isle of Wight | £193,639 | -10.13% | -£21,829 |
| 8 | Northamptonshire | £172,729 | -10.09% | -£19,379 |
| 9 | Greater Manchester | £151,946 | -9.94% | -£16,764 |
| 10 | North Somerset | £185,960 | -9.50% | -£19,517 |
Source: Zoopla.co.uk
As always, please feel free to share and use this information, all we ask is that you credit the source as Zoopla.co.uk and link to either Zoopla.co.uk or blog.zoopla.co.uk. Thank you.
David & Victoria Beckham to sell Beckingham Palace (Rowneybury House)?
Speculation is mounting about whether David and Victoria Beckham are going to permanently settle in the US. We’re not too bothered if they do or don’t, but we’re more excited about the fact that this may mean another impressive celebrity pad may be coming to the market in the not too distant future.
It’s rumoured that David & Victoria have had their 24 acre estate, commonly known as Beckingham Palace (officially named Rowneybury House, Harlow Road, Sawbridgeworth CM21 0AJ), valued ahead of a possible sale. According to our figures the average property value for Harlow Road is £408,922 which is higher than the average property value for CM21 which is £282,275.
We believe the couple bought the property for £2.5m in 1999 and a current figure of £18m is being suggested as a possible valuation for the property (a 620% increase!), despite the fact that they are also rumoured to have spent in excess of £18m on the refurb and updating of the property, which was originally an orphanage. We wonder what the asking price (if it makes it to the open market) would be for Rowneybury House?
Rowneybury House is an impressive Grade II listed, has both indoor and outdoor swimming pools, petting zoo (yes, seriously), recording studio, a snooker room, a gym, heli-pad and floodlit tennis courts.
The garden has had three £10,000 gazebos (planning application here) installed, each with a different theme apparently – lakeside, romantic and ornamental. They have also installed a 52ft garden pavilion with a marble floor, which houses a 4ft barbecue that reportedly cost a staggering £70,000.
With all that money being spent on the property you’d have thought they’d have spent a little on the gates and entrance to the property. Here’s Rowneybury House’s not so impressive entrance below on Zoopla.co.uk. Maybe gates we’re not in place when Google did their fly by drive?
Property performance in university cities
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With A-Level results out this week and the same week the Chartered Institute of Housing (CIH) proclaimed “The Golden age of home ownership comes to an end”, we’ve looked into change in property values in the top 20 University locations over the last 12 months.
We recently released our Rent v Buy index which reveals that buying a home beats renting in 74% of cases around Britain.
Change in average property values in University cities
| University City | Avg. ValueAugust 2010 | Avg. ValueAugust 2009 | 12 Month Change (£) | 12 Month Change (%) |
|---|---|---|---|---|
| Bath | £307,488 | £272,106 | £35,382 | 13% |
| Brighton | £263,371 | £241,441 | £21,930 | 9.08% |
| Loughborough | £185,024 | £172,521 | £12,503 | 7.25% |
| Oxford | £332,845 | £311,892 | £20,953 | 6.72% |
| York | £218,310 | £204,791 | £13,519 | 6.60% |
| Leicester | £167,562 | £157,891 | £9,671 | 6.13% |
| Lancaster | £162,116 | £153,072 | £9,044 | 5.91% |
| Southampton | £213,216 | £202,541 | £10,675 | 5.27% |
| Bristol | £218,712 | £208,517 | £10,195 | 4.89% |
| Sheffield | £155,841 | £148,619 | £7,222 | 4.86% |
| Durham | £147,472 | £140,675 | £6,797 | 4.83% |
| Norwich | £190,452 | £185,095 | £5,357 | 2.89% |
| Aberdeen | £205,142 | £197,325 | £7,817 | 2.57% |
| Cambridge | £285,877 | £279,644 | £6,233 | 2.23% |
| Nottingham | £151,238 | £148,820 | £2,418 | 1.63% |
| Newcastle | £172,095 | £169,670 | £2,425 | 1.43% |
| Leeds | £163,785 | £161,501 | £2,284 | 1.41% |
| Glasgow | £149,047 | £147,575 | £1,472 | 1% |
| Exeter | £218,012 | £216,014 | £1,998 | 0.93% |
| Edinburgh | £225,982 | £224,344 | £1,638 | 0.73% |
| Birmingham | £147,271 | £146,727 | £544 | 0.37% |
| Coventry | £147,495 | £147,256 | £239 | 0.16% |
Source: Zoopla.co.uk
As always, please feel free to share and use this information, all we ask is that you credit the source as the Zoopla.co.uk and link to either Zoopla.co.uk or blog.zoopla.co.uk. Thanks
