February 02, 2015
£1m-plus property sales triples in a decade
Analysis of Land Registry and local authority data by the Sunday Times reveals there are now 400,000 property millionaire households. The total value of homes worth £1m or more now stands at £836bn and the annual number of £1m-plus property sales has tripled to 18,000 in a decade. People rich in bricks and mortar but not necessarily in cash have been described as a new social class - dubbed the "homillionaire". Lucian Cook, head of residential research at Savills, said: "The house price boom has created a mass of new millionaires, often in unlikely places.” Clusters of "homillionaires" are emerging outside the capital, notably in Cheshire and Cambridge. Sales of seven-figure homes in Cambridge are up 200% on 2006-07. Oxford follows with a 187% increase followed by Bath and northeast Somerset (up 97%), St Albans (up 94%) and Reigate and Banstead (up 92%). Caroline Edwards, a partner at Carter Jonas in Long Melford, Suffolk, where sales of £1m-plus coastal homes rose by 125% in 2013-14 compared with 2006-07 said: "We've seen a flood of buyers from areas such as Wandsworth and Fulham, who have seen the value of their property tip well over £1m in the past year or so. They are in their thirties, with a young family, and are looking for more space, as well as to buy mortgage-free."