We made a property million: Don’t live in London? Then look away now – as these home owners reveal their housing boom fortunes
07-08-2014
By Jo Knowsley and Claudia Joseph for MailOnline
It's the topic everybody loves to talk about – property.
While some people love to trade their way up in the hope of becoming a property millionaire, some lucky owners are experiencing a once-in-a-lifetime windfall simply by sitting pretty in their homes for more than a decade and watching the value rocket.
A new house price boom, particularly in London and the South East, means that many people are taking advantage to cash in and use the profits to fund a career change, help out family or friends, take a luxury trip, or bank the cash to provide a comfortable retirement.
Rupert Collingwood, of the London Management Company, said. ‘The past two years have been extraordinary. In some areas of the capital there has been a 150 or 160 per cent increase. If you invest in London the general rule is you will double your money in ten years.’
But many families have done far more than double their money. While the average price of a detached house in the capital was £257,144 in January 1995, by April this year it had risen to £1,320,936 – an increase of 414 per cent.
Figures from the Nationwide show that the average home in London now sells for more than £400,000, with prices in the three months to June up by 25.8 per cent compared with a year earlier.
The national average house price rose 11.8 per cent to £188,903, the biggest rise since January 2005. Additional reporting by Barnaby Harrison.
Karen Marton is selling her family's five-bed home in Wimbledon, South West London, for £1.575m - a profit of £975,000
Karen Marton, pictured, is selling her South West London house after its value rocketed by £975,000 in 12 years
Monica Porter sold her home in Willesden, North West London, for £1.5million having bought it in 2001 for £850,000
Monica Porter is pictured in the interior of the flat she moved into after selling her North West London home for £1.5million
James McDonald spent £50,000 renovating his three-bedroom mansion flat in Earls Court, West London, before selling it for a £780,000 profit
James McDonald, pictured, bought his flat in Earls Court, West London for £270,000 in 1999 and has sold it for £1.05million
Andrew Stassi, pictured, bought his home in Crouch End, North London, for £365,000 in 1998 and it is now worth £1.435million
Andrew Stassi said that in 1998, estate agents told him his Crouch End home would be worth £2million in 20 years
Danae Brook, pictured, bought her home in Notting Hill, West London, for £500,000 in 2005. It is now valued at £1.5million
The value of Danae Brook's two-bedroom flat, pictured, in Notting Hill has rocketed over the last five years
Sarah Larcombe bought her home in Victoria Park, East London for just £165,000 in 2000. Now she is selling it for £685,000