Following a rise in new millionaires, many are returning to emerging capital hot spots to boost their wealth. Primed with growth potential, these thriving neighbourhoods are promising return on investment and choice of luxury lifestyle.
The number of property millionaires has almost doubled in a decade. According to research by estate agent Benham and Reeves, almost 80 per cent of local authority areas across England and Wales have seen at least one £1 million plus sale so far this year – up from just over half in the first six months of 2012.
Where are these buyers buying? While the pandemic and new focus on hybrid work life balance created an initial exodus to countryside locations, buyers are flocking back to the capital. With London being hailed as the nation’s million-pound hot spot, each borough is in prime position boasting a seven-figure property or two and tracking 3,342 million pound sales so far this year.
Below, we take a look at some hot spots for millionaires to keep an eye on this summer.
Best of both worlds
Situated on the stretch of the River Thames, apartments at Fulham Reach (by St George, part of the Berkeley Group) form part of a thriving new community, positioned between Frank Banfield Park and the River Thames, creating the perfect balance between city life and serene waterside living.
A neighbour to Chelsea and Kensington, this prime enclave has been a desirable neighbourhood for many years. Prices at Fulham Reach currently start from £1,010,000 (020 3468 0118 / fulhamreach.com), and residents have exclusive access to The Tamesis Club, which offers exclusive access to an incredible range of private amenities. This includes a state-of-the-art gymnasium, a 15-metre swimming pool and spa suite with a jacuzzi, steam room, sauna, and private treatment rooms. Providing perfect spaces for hosting guests there is also 12-seat cinema room, snooker room and wine cellar under one roof.
Skyline living
Famed for combining modern architecture amongst heritage legacies, London boasts one of the most notable skylines in the world. Adding to the skyline and combing world-class architecture from Skidmore Owings and Merrill, the tallest residential building in Zone One London is making its mark, standing at 53 storeys in Nine Elms.
Boasting a superior collection of riverside properties and offering panoramic and far-reaching views across London and beyond, first residents of Thames City will move into this growing community this summer, where prices start from £989,000 (020 3912 0137 / thamescity.com).
Committed to resident experience, Thames City will benefit from its very own inclusive members’ club, the 1974 Club, comprising a bespoke wellness spa – including fitness suite and the largest private swimming pool in London – a private residents’ lounge on the 39th floor, jungle gym, a K-POP room, 18-seat dining room, cigar room, cinema room, business centre, library, 24-hour concierge, extensive podium roof gardens and secure valet parking are available for residents.
A royal luxury
In the year of the Queen’s Platinum Jubilee, the country is still in adoration for the Monarch and properties with royal connections have been highly sought after.
First recorded in a Royal Charter in 838, the medieval market town of Kingston is Britain’s oldest Borough, host to a regal history that includes the coronation of as many as seven Saxon Kings. Even the name Kingston itself, meaning royal estate, is derived from the phrase Cyningestun.
Kingston is showing particular resilience in the face of a slowing housing market and is being dubbed as a ‘recession-proof hot spot’ for buyers.
Set around the Grade II listed Old Post Office, and Telephone Exchange, Royal Exchange – an exciting new extension of the Kingston riverside town centre by St George, Berkeley Group (020 3813 3779 / royalexchangekingston.com) – combines old and new, comprising 267 new homes and a new landscaped piazza, and an eclectic mix of shops, restaurants, and flexible workspaces.
For Royal enthusiasts, prices start from £890,000 for a two-bedroom property in the development’s latest phase, The Crown Collection offering a choice of Manhattan, one-, two- and three-bedroom apartments, set over 15 floors.
With number of prestigious schools for all ages within the local area, families – or second steppers – looking to further their investment and cement roots can benefit from a selection of family friendly, three-bedroom homes in Rutherford House, available to move in early next year, with prices starting from £1,130,000.