The million pound property boom
Estimated reading time 3 minutes
House values have skyrocketed in recent years as the economy has stabilised, and personal wealth is back to pre-recession levels. According to the latest stats from ONS, sales of properties valued over £1 million have increased 70 times in England and Wales since 1995.
These premium property sales peaked at the end of 2014 at 14,431 million pound houses being sold. The number has fallen to 13,679 by September 2015, but is still at record highs.
Kensington and Chelsea are known for the upmarket mark-ups on their regal residences. And so it’s no surprise that £1 million or more was paid for 57% of properties in the area last year. This is the first time in history that the majority of properties in any location in England and Wales have sold for over a million.
But what makes a million pound pad worth its mega price tag?
You may be forgiven for thinking that only the largest and most extravagant of homes sell for these mind-boggling prices, but actually 25% of all million pound sales were of flats or maisonettes in 2015. Typically these flats have relatively little floor space in comparison to traditional town houses and detached dwellings. So space is not necessarily the million pound factor.
New build properties were just as likely as an existing property to sell for £1 million, which is a significant change from five years ago where new builds were half as likely to sell for over £1 million as existing properties. It seems location is, as ever, the leading influence over house price.
So with more million pound ménage’s on the market than ever, which one would you choose if you had the budget?
Here’s our pick of million pound properties that have entered the bracket
Property below:
- 6 bed detached house in Ludlow Avenue, Luton
- Sold for in £355,000 in 2002
- Marketed at £1,450,000 in 2016
Property below:
- 4 bedroom detached house in Brentwood, Essex
- Sold for £305,000 in 1999
- Resold for £1,070,000 in 2015
Property below:
- 10 bedroom detached house in Liverpool, Merseyside
- Sold for £1,150,000 in 2011
Property below:
- 1 bedroom terraced house in Hackney, East London
- Bought for £189,000 in 2005
- Sold for £1,210,000 in 2015
Property below:
- 2 bedroom terraced house in Hammersmith, London
- Bought for £573,000 in 2013
- Sold for £1,170,000 in 2015
Property below:
- 8 bedroom detached house in Leicester, Leicestershire
- Sold for £1,110,000 in 2015
- Most properties in this area are over 110 years old
Property below:
- 5 bedroom detached property named Toad Hall in York
- Bought for £650,000 in 2005
- Sold for £1,150,000 in 2009
There are a wide variety of houses across England and Wales that have accelerated into the million pound bracket as can be seen from this list. You get less space for your money in the capital, with one and two bedroom properties available over the £1 million mark in areas outside central London. If you’re willing to move north of the capital then you can find mansions like the 10 bedroom manor in Liverpool.
Check out the interactive map below to see how the value of homes over a million pound in England and Wales have spread since 1995.
