29,000 Properties Entered the Million Pound Property Status This Year

Over 80% of million pound homes in Britain are in London.

Over 80% of million pound homes in Britain are in London.

In Britain, especially in the London area there are about 130,000 homes that are valued at more than 1 million pounds.  This 100,000 more than ten years ago when the estimated number was 27,000.  If the economic crisis had not caused a loss in home values there likely would have been even more reported.  It is estimated that over 40,000 that lost their value to come in below the million pound level were above it at pre-crisis.

The figures were released Thursday from Santander Mortgages.

Of the million pound homes, close to 80 per cent are in London.  The “SE” postcode showed a 23 fold increase over the decade of million pound properties.  The “SE” postcode boasts 3 out of 10 of the million pound homes. 

There were also 29,000 properties that entered the high value million pound status in just the past year.

Nigel Lewis, property analyst at Prime Location.com said: “Million-pound-plus property prices have recovered incredibly quickly since the dark days of mid-2008 when the market experienced significant price reductions.  Our research shows that the number of million pound homes for sale has risen considerably over the past year and the number of people looking to buy them has also jumped by 20 per cent, so it’s no wonder that the prime property market is recovering so fast.”

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