More property millionaires in 2011

Thursday 22nd December 2011

There were 21,982 residential properties on the market for £1m or more during the third quarter of 2011 – 11% higher than in the same period in 2010.

Collectively, they were worth over £48.71bn, which equates to £2.22m per property, but 105 homes were for sale at over £15m.

Nearly half (44%) of £1m-plus properties for sale are in London, followed by Surrey which has 10% of the market.

The figures are from Primelocation and Investec Specialist Private Bank, which specialises in custom-building mortgages for rich individuals and says it is seeing a huge increase in the number of applications for mortgages of £1m and more 
 
Jack Jones, of Investec, said: “There is a growing number of £1m-plus properties for sale, and demand for many of these remains strong because this market is very international, especially in London. 
 
“This has resulted in some people deciding to move to the Home Counties, which is more affordable.

“Some have also made this decision because they have been out-bid by wealthy foreign nationals and there is a general shortage of super-prime property in London, partly because many are being rented out and their owners are holding on to them as rental yields rise.”