Number of property millionaires in St Albans and Harpenden set to triple by 2030
PUBLISHED: 15:19 19 February 2016 | UPDATED: 15:19 19 February 2016
With Herts coming in third in a recent survey of counties featuring the most £1m+ properties, the results predict no sign of this decreasing.
Herts has been given third highest place in a survey cataloguing the counties in the UK with the most homes worth over £1m.
These findings have fast-forwarded 15 years into the future and predicted what the property climate will look like in Hertfordshire by the year 2030.
Santander’s report predicts a staggering tripling in the number of homes worth in excess of £1m in another 15 years time, consequently giving Hertfordshire the title of the top third county in the UK with the most property millionaires.
In second place comes Surrey, and in first comes Greater London.
While, as of last year, the number of £1m+ homes in the county has doubled since 2010 from 7,663 to 14,976, Santander forecast that number to climb to 21,905 by 2020 (just four years from now) and then propel within the next decade to a massive 56,374.
While still trailing behind notable contenders London and Surrey (London will blaze up to nearly 950,000 luxury homes by 2030, already way ahead now with 307,433; Surrey is closer to Herts numbers with a current total of 26,699) Hertfordshire sits solidly ahead of all other surveyed counties, with plenty of its £1m+ structures based in St Albans and Harpenden.
While this region has an abundance of historic listed mansions, mostly in its leafy suburbs, the sought after and affluent city centre features Victorian town houses and more modern structures, meticulously designed. Herts is a popular county for celebrities wanting to live on the cusp of the Capital, many opting for brand new mansions on the outskirts of St Albans. The likes of Cheryl Fernandez-Versini, Tulisa Contostavlos and Zayn Malik have owned such properties in the past. An abundance of Arsenal or Watford football players are known to live of have lived in and around Harpenden. Similarly, those that work in the City have rural escapes to their names, some being a second home.
Harpenden is home to a couple of well documented architectural marvels that follow a post-modern design and are valued in the millions thanks to their unique construction and well-known architects.
The leader of the Survey is Paul Cheshire, an affiate at the Spatial Economics Research Centre and Centre for Economic Performance, London School of Economics. In the survey’s conclusion, he surmises: “The fact that property prices will increase in the next five to fifteen years comes as no surprise, but by focusing on certain price points like the £1m marker, we can see how rapid these changes will come about and where in the UK they will be. For the majority of property owners, this inflation will be good news, pushing more and more owners into the £1m+ price bracket. For those who still aspire to buy a home, it will make taking that step on to the ladder increasingly difficult. There are a host of new, meaningful schemes, readily available especially to enable fist time buyers onto the property ladder. Potential buyers should not be deterred from entering the market, nor should existing owners be complacent. Today’s buoyant market could be sluggish or soaring by tomorrow and there will be winners and losers in both situations.”