Property ownership remains a top priority for many millionaires in the UK, with 49.9 percent of high-net-worth individuals (HNWIs) owning more than one property, according to Skandia’s ‘Millionaire Monitor’ Report 2012.
The report also revealed that more than 60 percent of millionaires below the age of 50 are more likely to invest in multiple properties compared to 42 percent for those over 50.
Personal use is the driving force luring millionaires to buy second homes, possibly a small living unit, country pad or place to retreat for long weekends. The report noted that British millionaires planning to leave the country fell from 7.7 percent in July 2011 to only 3.6 percent this year, a good sign for the high-end domestic property market, especially as more wealthy foreign nationals relocate to the UK.
High-end estate agency Barton Wyatt revealed that 75 percent of their prospective home buyers this year came from overseas, up from 65 percent last year.
James Wyatt, owner of Barton Wyatt, said that foreigners accounted for around 20 percent of the population in Virginia Water, attracted to its high standard of living and nearby private educational facilities.
“Our foreign clients also look to this area due to the value for money they achieve as opposed to living in central London. The sporting venues in the locality are another driver – golf, Ascot and Guards polo – and of course the area has become well known for attracting families from overseas which in turn creates more interest."
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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