St Albans named among UK's million-pound property hotspots
- Credit: Archant
St Albans has the most million-pound homes in the East of England, and the eleventh highest proportion of such properties in the UK.
According to new research from Savills estate agents, 12.2 per cent of the total housing stock in the St Albans local authority area (which includes Harpenden and surrounding villages) is valued at £1m-plus, which equates to 7,420 homes.
Two other parts of Herts complete the East of England’s top three: Three Rivers, with 3,857 £1m-plus homes (10.2 per cent) and Hertsmere with 3,703 (8.4 per cent).
In total, Hertfordshire has 26,281 properties worth £1m or more – around 5 per cent of the county’s overall stock.
London’s Kensington and Chelsea has the highest concentration of £1m-plus homes in the UK - 37.6 per cent, or 32,979 properties.
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Nationally the number of £1m-plus homes grew by 8 per cent in 2020 to over 563,200, though such properties make up just 1.8 per cent of housing stock UK-wide.
Nick Ingle, head of residential sales at Savills in Harpenden, said: “Despite lockdown and recession, 2020’s surprisingly strong housing market saw more homes cross the £1 million value threshold.
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“Here in Hertfordshire – St Albans and surrounding areas in particular – behavioural and lifestyle changes have shaped the pattern of growth in the prime markets, with greater price growth as buyers and sellers look for more space both inside and out but still within close proximity to London.”