RESIDENTIAL £1m barrier passed in 43 areas A report compiled by Savills and Property Database has found that average house prices have surged beyond the £1m barrier in 43 areas of England and Wales. The report highlights how dozens of property hot spots have emerged not just in the South East, but also across the country, with average prices in areas of Buckinghamshire and Oxfordshire reaching more than £900,000. In parts of Somerset, homes now sell for an average in excess of £800,000, while in several areas of the North and the Midlands, the average sale price is more than £500,000. The figures suggest that many areas of Britain are once again in the grip of a house price boom. The most expensive area in the country is Knightsbridge and Belgravia where the average house price is now £4.4m. Thirty-four of the £1m enclaves are also in the capital, with the remaining nine in commuter areas of Surrey, Buckinghamshire and Hertfordshire. Lucian Cook, the head of research for Savills and the author of the report, said: There are now very real magnets of wealth beyond the capital. A lot of areas have yet to feel the London ripple effect, so we expect to see them performing very strongly in the year ahead. We are already seeing this in the inner commuter ring. The affluent areas will be driving the recovery because transactions are much higher than elsewhere. Equity and wealth are leading the recovery and these are extreme examples. Caroline McGhie in the Telegraph profiles the nine super-suburbs which are worth more than £1m. The Sunday Telegraph, Page: 1, 4
Posted on: Sun, 19 Jan 2014 10:11:11 +0000
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