UK’s million pound properties slide away

| November 4, 2009
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The UK has seen the number of its residential properties worth in excess of £1 million plummet 35% since the housing market peaked in 2007.

According to property information website, Zoopla.co.uk, one in 97 of the country’s homes were valued at over £1 million when the credit crisis struck, falling to just one in 150 today.

Unsurprisingly, the majority remaining are located in London and the South East, where 81% of £1 million plus properties are to be found.

London is home to 57% of the total, with Kensington boasting 48% of its residences in the £1 million and over bracket.

Beyond the Capital, Virginia Water in Surrey takes the lead with 28% of homes in the area worth more than £1 million, compared to a national average of 0.88%.

In the North East, a steep slide in property values has seen 83% of once million pound homes fall below the threshold while Wales has lost 56% of homes with seven digit values.

Zoopla chief executive, Alex Chesterman, comments: “The housing market downturn has taken its toll on the exclusive ‘property millionaires club’, reducing the number of those who can claim membership from 283,168 in November 2007 to only 183,630 today.”

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