St Albans named as one of Britain’s property millionaire hotspots

PUBLISHED: 15:42 21 February 2019 | UPDATED: 16:05 21 February 2019

There are plenty of £1million-plus properties on St Albans' Homewood Road (seen at the end of the road) and Faircross Way

There are plenty of £1million-plus properties on St Albans' Homewood Road (seen at the end of the road) and Faircross Way

Archant

St Albans has the fourth highest number of property millionaires in Britain outside London, new analysis has revealed.

According to Zoopla’s countdown of 50 post towns, St Albans is behind Guildford, Cambridge and Sevenoaks with 4,889 £1million-plus properties – down 92 on a year ago.

These homes make up 9.44 per cent of the total housing market, where the average current property value is £599,581.

Cobham in Surrey has the highest proportion of property millionaires, with almost half of residents (44.24 per cent) owning a £1million-plus home.

Not surprisingly, London has the largest number of property millionaires (395,871) though their homes make up just 12.58 per cent of the total market.

Westminster is the wealthiest London borough, with 54,137 £1million-plus homes (46.37 per cent), though the highest proportion of £1million-plus homeowners is found in Kensington and Chelsea (53.89 per cent), where there are 44,130 such properties.

The number of homeowners with property valued at £1million-plus in Britain has fallen to 733,777 in the last year, down from 768,553 in 2018. The largest declines have been seen in London and the South East.

£1million-plus homes currently account for 2.5 per cent of the national’s total housing stock.

Annabel Dixon, spokesperson for Zoopla, said: “It’s hard to ignore the overall decline in million-pound properties in the past 12 months. But it’s clear to see the majority of this decline resides in London.

“Outside of the capital, there has been significant growth in seven-figure properties, especially in the East of England and West Midlands.”

According to Housesimple, there are currently 700 £1million-plus homes for sale in Herts, behind London (11,404) and Surrey (1,992).

More than three quarters of the 20,000-plus £1million-plus properties currently on the market are in London and the home counties.

Wondering when you too will be a property millionaire? Take a look at Zoopla’s £1million property calculator and find out.

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