Posts tagged ‘Millionaires’
The Zoopla.co.uk Property Rich List 2010 lifts the lid on the most exclusive places in the country to live. The past 12 months has seen house prices in the leading areas of the country rebound at a far faster rate than the average, contributing to a widening of the North-South divide.
Here are some of the key findings:
• W8 named UK’s most expensive postcode – average house prices of £1.5m up 9.4% (£134,000) in last 12 mnths
• Most Expensive Street – Kensington Palace Gardens, home to country’s richest Billionaires.
• 1,414 streets in London with average property prices over £1 million
• London unsurprisingly most expensive area, NE Lincolnshire least expensive
Once again, topping the list of the Most Expensive Streets in the country is Kensington Palace Gardens, where the average property will set you back a cool £18 million. Also known as Billionaires Row, this exclusive gated street is home to royals from Saudi and Brunei and billionaires from Russia and India, including Britain’s richest man, steel tycoon Lakshmi Mittal.
As expected, London dominates the rankings as property prices in the capital have rebounded sharply over the past year and are now well up from the 2008 lows. Virginia Water in Surrey, where the average property is now worth £920,000, is the only area outside London to make the Top 10 Most Expensive Postcodes.
Where’s your nearest Millionaires Row?
Find out here
In addition to W8 (Kensington), only four other areas in the country can lay claim to being Million Pound Postcodes – SW7 (Knightsbridge) and SW3 (Chelsea) where average house prices are just under £1.3 million, W11 (Notting Hill) where buying the average property will leave you with a few quid change from £1.2 million and SW10 (West Brompton) where the average pad will cost you just over £1million.
The number of Golden Streets in London now stands at 1,414. Outside the capital, the places with the highest number of Golden Streets are Guildford (47), Richmond (44) and Leatherhead (40).
Outside London, topping the list of Most Expensive Areas to live are Windsor & Maidenhead where average property prices are now £393,000 followed by South Gloucestershire (£367,000) and Surrey (£348,000). At the other end of the scale, North East Lincolnshire and Hartlepool lead the list of Britain’s Least Expensive Areas with average house prices of under £120,000.
Top Ten Most Expensive Postcodes
|Rank||Postcode||Avg. Value May 2010||12 Month Change (£)||12 Month Change (%)|
|4||W11 (Notting Hill)||£1,093,591||£95,851||9.61%|
|5||SW10 (West Brompton)||£1,019,443||£83,323||8.90%|
|6||GU25 (Virginia Water)||£920,138||£74,457||8.80%|
|9||NW8 (St John’s Wood)||£831,362||£55,072||7.09%|
|10||SW5 (Earl’s Court)||£782,518||£76,497||10.84%|
Please feel free to share and use these figures; all we ask is that you credit the source as the Zoopla.co.uk Property Rich List 2010 and if possible link to Zoopla.co.uk/richlist
Years of booming house prices resulted in the creation of many ‘property paper millionaires’ who experienced rocket propelled property values and membership to the exclusive ‘property millionaires club’.
However this club has just shed a load of members…99,538 to be precise, leaving only 183, 630 today. That’s a 35% drop since November 2007 or another way of looking at it is 1 in 97 properties was valued at over £1 million two years ago but today that figure stands at just 1 in 150.
No surprise though that, despite the decline in house prices, certain parts of the country remain awash with property millionaires, notably London and the South East, where 81% of all million pound homes can be found.
The capital is home to 57% of all property millionaires, with the largest share residing in Kensington (W8) where 48% of all properties are worth over £1 million. Outside the capital, Virginia Water in Surrey leads the property millionaire stakes, with 28% of homes in the area worth more than a million pounds, compared to a national average of just 0.88%.
FIVE PROPERTIES UNLIKELY TO FALL BELOW THE THRESHOLD ANY TIME SOON