The number of UK property millionaires has nearly doubled in the last three years, according to the latest research from Hamptons International…

Figures reveal that 21% of properties were sold in excess of £1million during 2008 (year to date), compared to just 12% in 2006.  In addition, whilst the number of property millionaires in London remains high overall, a year-on-year comparison across UK regions reveals a lower percentage rise in the number of new London property millionaires, when compared to other areas within the UK. 

In fact, surprisingly the West Country has witnessed the greatest increase in the number of applicants seeking properties over £1million, with almost two and a half times (134%) as many applicants in Q1 2008, compared to the first quarter of 2007.

The Hamptons research compares the number of millionaires across its network since 2006 year-on-year and identifies the top millionaire ‘hotspots’ today.

The main findings of the survey are below:

• Figures show 12% of Hamptons properties were sold in excess of £1 million in 2005, rising to 19% in 2007 and 21% in 2008.
  
  
• In the first quarter of 2008, approximately 70% of buyers with more than £1 million to invest were looking to purchase in London.
  
  
• Of the 21% of total properties sold over £1 million in 2008, 31% were in London and 17% in the rest of the country.
  
  
• The West Country (and Somerset in particular) has seen the biggest rise in the numbers of new millionaires, with applicant figures almost quadrupling since the first quarter of 2007.
  
  
• In the South East applicants registering for properties over £1 million in Q1 2008 is up by 27%.  Comparatively, London has seen a 6% rise during the same time period.
  
  
• The value of properties over and above £1 million has also risen significantly. Properties sold at £3 million and above have doubled year-on-year since 2005, with 3.5 times more homes sold over £3 million in 2008 than in 2005.  

John Little, Associate Director, Hamptons International, commented: “The figures highlight the demand for luxury properties across the Country today – both from UK and overseas investors.  Whilst the number of property millionaires continues to rise in London, we are seeing an increasing number of nigh net worth buyers looking further a-field.

This has been growing year-on-year. Undoubtedly, a London address will always be a popular investment – however, exclusivity is hard to find and many £1m plus buyers are now realizing the benefits locations such as the West Country can provide.

Average house prices within the region are significantly lower than London, which means you can secure an outstanding country estate with several acres, for the same price as a penthouse apartment. Transport links to London and other major cities are excellent and Bristol airport now has flights running to New York, in addition to many major European destinations.””