John Wood (ABC Economics) reports. Extracted from ABC’s Newsletter No. 4
The number of UK homes worth £1m or more is set to triple over the next 15 years, according to Santander Mortgages. Today, fewer than half a million properties in Britain are worth £1m or more, of which 62 per cent are based in London.
It is envisioned that more than 25 per cent of London properties will break the £1m-mark by 2030 compared to nearly one in 10 properties today.
In London the average price will rise from £0.53m to £1.27m whilst the national average will increase from £0.28m to £0.56m by 2030.
In the UK the average property price is 7.9 times the average income. This is expected to hit a multiple of 9.7 by 2030.