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Surrey revealed as a millionaire hot spot
Half of homes in Virginia Water, Surrey are worth £1m or more according to new research by Primelocation.com.
Seven of the UK’s top 10 millionaire towns are in the South East and one in every 32 properties in the UK is a million-pound-home – down from one in 29 last year.
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, and the South East is 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 per cent, making one in every 32 properties in the UK a million-pound-home.
With 48.5 per cent of homes in Virginia Water valued at £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 per cent.
Closely behind Virginia Water is Radlett, Hertfordshire, where 47 per cent of the housing stock is worth £1m+. Home to Chelsea’s training ground, Cobham is third in the table with 39.5 per cent 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, and now sits fifth in the league table. While over a third (35.8 per cent) of properties in the town are still worth over a million, this is a significant fall since last year, when almost half (47 per cent) of properties were in this price range.
Nigel Lewis, property analyst at PrimeLocation.com comments: “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.”