Property owners in GU25 (Virginia Water, Surrey) have hit the jackpot once again being ranked one of the highest value areas for property outside London.
Extraordinary that this sleepy enclave, just 45 minutes outside of central London has beaten West Kensington, Paddington, Fulham and Chiswick - all areas of London that attract big money buyers.
Virginia Water resident and property expert, James Wyatt of Barton Wyatt Surrey estate agents has a view on these eye-watering figures released this week by Zoopla,
"As with all data it is a snapshot in time and it just so happens that there has been some big money changing hands on the property front around here recently. The number of units selling is comparatively small compared to London as a whole but the value of eachproperty transaction has been very, very large."
The next postcode down the list that was not within London itself was KT11 which includes the footballers' havens of Cobham and Esher. This salubrious postcode saw the averageproperty value changing hands at £1,021,435 according to Zoopla, in the last year.
It is Virginia Water however that wins the Surrey Pricing Award at a hefty £1,211,271 average property price and also boasting a 11.8% increase in a year.
This is great news for property owners in the area. James Wyatt, who resides in one of the premier roads in the village and says:
"We are waiting in keen interest for the outcome of the General Election. It is all well and good to be living in a wealthy area such as Virginia Water but if Labour get their way then the dreaded Mansion Tax is going to be felt very hard around here.
"Houses are selling like hot cakes in the price bracket up to £1.5 million but after that it is a lottery. Certainly a few more lottery winners around here would be helpful to get the million pound plus market moving again."
For example local developer Bridgewater New Homes Limited have just completed a delightful detached home within a one-acre plot on the Wentworth Estate.
Wyatt goes on to say: "A year ago this house would have been snapped up very quickly - new homes were being fought over by international buyers. At £4.5 million it is extremely well priced on an estate where houses go for up to £30 million."
With 5 weeks to go until the election, estate agents in the South East of England that are focused on the prime sector are holding their breath with anticipation. A conservative win and life will continue as normal. But if Labour wins then this will write a completely different story for the millionaire property owners and the real winners here will be the people that are cruising comfortably under the £2 million mansion tax threshold.
Wyatt comments:
"There has never been an election that will decide our fate more than this one. We found the changes in the stamp duty quite onerous but the mansion tax will be a whole different level of pain for many. I have many elderly clients that have been quietly living out their days in Wentworth, they might live in large houses but they will shudder to pay these taxes and I worry what will be their outcome."
