A article recently published on the BBC website (article here) reported that householders are increasingly likely to live on millionaire row as sales of £1m-plus homes rose to a new high in England and Wales in 2017.
A total of 16,119 property sales for £1m or more were completed last year, up 5.4% from the previous high in 2016.
Over the past decade, most were sold in London, but sales have doubled in the East of England – the biggest increase of any region in England and Wales.
University cities such as Cambridge and Bristol have seen £1m-plus sales surge.
Rising house prices and demand prompted by investment in these areas has pushed many properties’ sale prices above the £1m threshold.
Mendip’s millionaire row
Looking at the picture locally shows that over the last 10 years there were 68 transactions for 62 properties for £1m or more with the most expensive being Marston House in Marston Bigot which sold for £4.9m.
The closest Mendip has to a millionaire row is Vicarage Lane in Norton St Philip where 3 properties have exchanged hands for over £1m. 7 of the transactions were in the Norton St Philip area. The 68 transactions over £1m are dominated by properties in the Frome area with Rode home to 4 of the £1m plus transactions.
In the Glastonbury and surrounding area 5 transactions exceeded £1m:
- Parbrook Lodge – Parbrook – £1.61m
- Whitegates – West Pennard – £1.35m
- Whitelawn – Butleigh – £1.16m
- Holmans Place – Butleigh – £1,134,825
- Old Bakehouse – Parbrook – £1.06m
Only 3 properties in central Wells reached £1m in the last 10 years.
Street had just 2 transactions over £1m, Overleigh Court and 55 Overleigh at £1m and £1.45m respectively. Overleigh recently featured as the 7th most expensive street in our top 20 most expensive streets in Street and Glastonbury (article here)
About Tom Morgan
Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk
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