The number of £1million homes is predicted to triple by 2030 according to Santandar
A report from Santandar Mortgages has predicted that by 2030 the number or £1million homes will have tripled and in in the London 1 in 4 homes will be worth over £1million.
Currently only 500,000 homes in the UK are worth more than £1million but this will rise to 1.6 million homes in the next 15 years. It is predicted that 7% of homes in the South East will break the £1million mark and only 1% elsewhere.
The average price of a property will rise from £283,565 as according the Land Registry to £349,300 by 2020 and to £557,444 by 2030, nearly doubling.
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“Property price inflation will tip many existing homeowners into the million-pound price bracket, but could also price some aspiring buyers out of the market if they don’t have the right support,” said Miguel Sard, managing director of mortgages at Santander UK.