Spotlight: Prime London & Country

Prime London and Country
 
The million pound questions

26 September 2017, by Frances Clacy

Owning a property worth £1 million or more was once the reserve of an elite group. But, with rising prices over the past 10 years, many more homeowners across the country have joined the club

 

FIGURE 6

£1 million+ properties in numbers

 
£1 million+ properties in numbers

Source: Savills Research

How many £1 million-plus properties are there in Great Britain?

We estimate that in 2016 there were 394,000 properties worth £1 million or more across the country. Despite falling back by 3.4% in 2016, we believe this number has more than doubled over the past 10 years, driven mostly by the strong house price growth seen in and around London.

How many of those properties are in London and the South East?

The capital accounts for almost two-thirds (250,000) of £1 million-plus homes, with a further 21% (81,400) located in the South East. The highest concentration of these are in central London boroughs: for example, almost half of all privately-owned housing stock in Kensington and Chelsea exceeds the £1 million mark.

How does this compare to other areas?

Despite hotspots in Cheshire and Yorkshire’s golden triangle, there are just 7,900 £1 million+ homes across the north of England, reflecting the huge disparity in property values across the country.

FIGURE 7

Spatial awareness The size of property (in sq ft) that £1 million will buy across the country

 
Figure 7

Source: Savills Research

Where in London can I get the most for my £1 million?

The smallest £1 million homes are found in Kensington and Chelsea, where this seven-figure price tag will buy you just 806 sq ft on average. South of the Thames, your money will stretch to just over 1,200 sq ft in Wandsworth and around 1,300 sq ft in Richmond. For London’s biggest £1 million homes, buyers will need to look east to Havering, where the average is almost 2,500 sq ft.

As discussed in our ‘Migration’ piece on page 19, those who have accumulated considerable housing wealth in the capital during the past decade will be looking to see where else in the country they can get more for their money.

FIGURE 8

What £1 million will buy you across London (sq ft) In Kensington and Chelsea, expect a bijou 806 sq ft

 
Figure 8

Source: Savills Research

Where are those buyers moving to?

Beyond the capital, £1 million will stretch much further. It shows why those looking to upsize without significantly increasing their budget, particularly now they also face higher stamp duty rates, are likely to move further out.

Those migrating from central London boroughs to Oxford or Cambridge, the most popular choices, will get twice as much home for their money. Similarly, in the established commuter hotspots of Elmbridge and St Albans, highly favoured by London migrants, buyers can expect to get a property of 1,800 sq ft and 1,740 sq ft respectively.

For those willing to look further afield, Bristol and Bath both offer around 2,500 sq ft for the £1 million price tag, while in Harrogate, Rushcliffe and Stratford-upon-Avon, you can get around 3,000 sq ft.

 
Jessica Road, Earlsfield

▲ Jessica Road, Wandsworth

placeholder

Subscribe to Savills research

 

Would you like to be notified via email about new research?