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Million-pound London hotspots revealed

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There has been a substantial increase in the number of properties worth at least £1 million on the fringes of London, new research has shown.

Property consulting firm Knight Frank recently conducted a study on which areas in this region have the highest concentration of houses worth £1 million and over. It combined sales data from the Land Registry and information on local price performance to rank the top ten areas on the outskirts of London.

Overall, the number of properties immediately outside London valued at £1 million and over increased 38 per cent over the year, Knight Frank revealed.

Elmbridge led the way in terms of growth, taking the number one spot. Guildford followed close behind, with Windsor and Maidenhead in third place.

According to Knight Frank, there are a number of factors at play regarding the growth in property value. The biggest include price growth "rippling out" from central London, as well as increased demand for family homes outside the city.

The continuing recovery of the UK economy has also no doubt had an influence, Knight Frank adds.

With residential property values on the outskirts of London increasing - and demand for these homes also rising - it may certainly be an opportune time for property investors in the area. 

"These increases confirm the long held belief that property in the South East of England within commutable range of the capital and close to first class schools are selling well. Finally the ripples from the buoyant London housing market together with increased activity at the lower end of the market are helping to push prices and activity from the bottom up," explained Rupert Sweeting, head of Knight Frank Country.

"There is no doubt that the continued low interest rates combined with very attractive mortgage offers are also the catalyst for this."

Date Published: 02 Dec 2014
Category: News

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