Virginia Water named as UK millionaire property hotspot
30-05-2012
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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 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 £1 million plus. 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.
‘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,’ said Nigel Lewis, property analyst at PrimeLocation.
‘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 £1 million plus location,’ he added
