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News: Britains millionaire cities

Mon, 24 Sep 07

Rather surprisingly, London does not have a monopoly on Britain poshest pads, reports email4property.co.uk...

Despite recent turmoil within the market, London property prices have continued to exceed any other city in Europe.  However, email4property.co.uk reveals that the capital is not alone in producing high-value homes, with a range of UK cities currently yielding £1million plus properties.

Earlier in the year email4property revealed Newcastle as the ‘millionaire’s city of the north’, with house prices exceeding the £1million mark, in an area of the country traditionally viewed as among the most affordable to buy a home.

Increasing prosperity in the north

The increasing prosperity of the north has led to a number of towns and cities joining Newcastle in producing their own property millionaires. Since 2005, Liverpool has recorded the sale of several homes over £1million and 2007 saw the sale of its first £2million property.

Elsewhere, traditionally industrial towns such as Sheffield, Leeds and areas in and around Birmingham have recorded multiple £1million-plus house sales since the turn of the century, including one property which went for £9million in Sheffield.

Desirable destinations

David Bexon, Managing Director of email4property said: “Regeneration schemes in many of the UK’s cities outside of London have made them increasingly desirable destinations, not only for people to live, but also as locations to which large businesses can establish new bases or relocate.

Bexon continued: “Figures show a dramatic increase in the sale of £1million properties over the last year alone, fuelled in part by a series of projects, such as the Liverpool Docks and the quayside in Newcastle city centre, which have helped to make some of these now thriving cities a desirable and sought after location to live and work.”

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