It seems that the dream of living the millionaire lifestyle has become a reality for many more of us with the Lloyds TSB Million Pound Property Report 2011 revealing that there are now 185,000 real estate millionaires in the UK and sales of million pound homes are increasing at their fastest rate since 2006.
Suren Thiru, Lloyds TSB Housing Economist, explains,
“The number of properties sold for over £1 million has risen substantially over the past year, reflecting the strength of the very top end of the housing market”
In spite of current market fluctuations, it seems that bricks and mortar is still a worthy asset to invest in with 7,185 million pound property sales in Great Britain in 2010 alone, a staggering 54% increase compared with 2009.
These latest figures indicate that there has been a clear revival at the top end of the market possibly indicating that the well-off have discovered clever ways to undertake transactions in the recession whilst the cash-strapped average Joe is still feeling the harsh reality of the economic downturn.
Roughly 185,000 British homes are valued at £1 million or more with 83% of those homes sold as expected in London and the South East. The West Midlands however recorded the biggest percentage increase in million pound sales at 109%, followed by the East of England at 62% against London at 56% in 2010.
James Wyatt, Partner of the award winning luxury estate agency, Barton Wyatt located in Virginia Water, Surrey, welcomes the news commenting,
“With house prices having risen so dramatically over the last decade it is no surprise that there are more and more million pound property owners in Britain today. Here in Virginia Water, just 40 minutes from Central London, we have seen home values increase and there seems to be no limit – a £30 million super mansion has just been proposed for building on the Wentworth Estate.”
He further explains,
“It is interesting to note however that it is not just Brits buying these multi-million pound homes. We have been flooded with affluent buyers from across the globe searching for property with clients from Russia, Ukraine, Kazakhstan, Malaysia and more recently our first ever Chinese buyer seeking properties with price tags anywhere from £5million to £30 million.”
If you are in the market for a millionaire’s pad then Green Hedges located on the Main Island of Wentworth Estate, in Virginia Water should be of interest. Providing space and luxury with a £5,750,000 price tag, Green Hedges is a spectacular Georgian style mansion with 6 bedrooms, an acre of landscaped garden, gymnasium, swimming pool, wine store and detached double garage.