Number of UK homes worth 1m to triple by 2030
The amount of homes in the UK worth £1m and over is predicted to increase by three times the existing number by 2030 according to a report by Santander. This will inevitably make the difference between the haves and haves-not of housing even more apparent.
Currently in Britain, less than half the homes are valued at one million pounds and over, but new research from Santander predicts this will rise to 1.6 million within the next 15 years.
At the same time Santander’s report also forewarns that affordability will become significantly worse considerably in the next ten years as the rising prices of buying a home far out-run the increase of household incomes. Santander went on to claim that “By 2030 the UK will be even more starkly divided into the housing wealthy and the housing poor than it is now”.
“There appears to be a clear geographical divide among the projected members of the £1m club”. Across the north-west, north-east, Yorkshire, Scotland and the East Midlands there are a very few number of these extremely expensive properties (less than 1%). However, one out of four homes in London will cost £1m or over by 2030.
The current average national property price is £285,565 which is set to double in the next fifteen years. The price at the bottom end of the scale will still cost “17 times the income” of someone raking in the lowest wage in the capital by 2030.
Aislinn Devlin, Pali Ltd
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