More Than 750,000 Uk Property Owners Are Millionaires On Paper
A new analysis by website Zoopla reveals that there are presently more than 750,000 property owners in the UK that are millionaires on paper. The report also reveals that there are even some towns in the southern part of England where half of all its homes are valued at more than £1 million.
Beaconsfield, a town in Buckinghamshire emerges as the place with the highest level of property wealth. Despite how the property market has been slowing down, it is estimated that there has been an increase in the number of property millionaires. The number is now at 768,553 which totals to a 23% rise when compared to the figures that were recorded back in August 2016.
These figures greatly underscore how lopsided the nature of the property market in the UK is. For instance, Humberside and Yorkshire have a record of 4,103 property millionaires. Wales has a total number of 2,223. In addition, London has listed a total figure of 430,720.
These figures reveal that while the capital has property millionaires at a ratio of one in every 20 individual, only one in 1,400 people are property millionaire in Wales. However, the analysis does not take into consideration the mortgage debt that may be attached to the properties. The only thing that is taken into account here is the overall value of the properties.
Outside of the capital, Guildford, a town in Surrey, is revealed to have the most property owner millionaires. The number is estimated to be 5,889. Cambridge follows behind and then there is also reading.
However, Beaconsfield emerges to be the town with the highest concentration of property millionaires. The Zoopla analysis reveals that 49% of all the homes in the Buckinghamshire – which is made up of 12,000 people- are valued to be more than £1 million.
Estate agents located in the town are presently marketing a six-bed home that is located in the golden triangle in Beaconsfield. A truly opulent dwelling, the house boasts of a room for wine-tasting, a cinema, a passenger lift that leads to a galleried balcony and is valued at £6 million. The house also has a separate annexe for staff use.
The only other place that boasts a much higher portion of houses valued above £1 million is Westminster. A total of 58% of the homes that are situated in the borough are all priced above £1 million.
Local agents in Beaconsfield revealed that the town has experienced a boom in the past decade. This is due to a number of Londoners selling up their homes and looking for homes that are located in the town that are priced at £1 million to £1.5 million.
However, the number of property millionaires in the country is likely to fall or flatline if the present real estate trend is going to continue. House prices fell again in January due to consumers struggling with their diminishing disposable incomes.
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