The latest data from Zoopla showcases the big rise in properties valued at £1million or more in the UK. It also further highlights why Barking and Dagenham remains one of the cheapest areas in London to buy a home.
The headline figure is there are now 768,553 homes in Britain in the upper price bracket. This translates to 22.95% growth since August 2016. During the period prices have continued to rise in a number of areas, creating new property millionaires in the process.
The capital has the most
Not surprisingly the highest concentration of million pound properties is in London. When the figures were collected there were 430,720 in total. The South East of England had the second highest with 180,397. Wales was bottom of the list with just 2,223.
In London the properties were spread throughout all of the Boroughs but some areas had far more than others. For example Westminster had 54,231 and Kensington and Chelsea had 45,366. At the other end of the list Barking and Dagenham had just 20.
In total 2.7% of the housing stock in the whole of the UK is valued at £1million or more according to the figures. This shows that the market is healthy and demand is still high in many areas.
Barking and Dagenham remains a popular area for people seeking more affordable housing though. It has the lowest average house price in the capital but healthy annual growth at around 3%. This means there are plenty of opportunities on offer for buyers and investors.
Finefair is an established lettings agent Barking and Dagenham landlords trust. We can help them to achieve good returns for their investments and also provide additional security. For example we can arrange guaranteed rent to protect income or council leasing to provide a series of benefits.
If you are interested in investing or already own a property you want to let, we can help. Contact us to find out more and see what opportunities our services can provide.