Britain sees surge in property millionaires

Britain sees surge in property millionaires




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Britain now boasts approximately 185,000 property millionaires, a figure that is still rising according to new research.

The 'property millionaires' included in the research were those that had owned their homes for some time and seen the value rise gradually, as well as a growing number of people who bought their million-pound home recently.

The study from Lloyds showed that last year, 7,185 buyers spent over a million on property, the equivalent of 20 people every day.

This is an increase of more than 50 per cent since last year and the fastest rise in four years.

The research also noted that 125 homes were sold for over £5 million last year.

Suren Thiru, housing economist at Lloyds, said that this highlighted 'the strength at the very top end of the market'.

Concurrently though, the research highlights the gap between the high and low ends of the market.

With an average salary of £26,000, few first time buyers can afford to buy, as the average price of a home currently stands at around £162,000.

The gap is also witnessed between the North and South ends of the country.

Within the last 12 months, average house prices fell 7.1 per cent in the North East to only marginally above £100,000 according to the Land Registry.

Yet the average price of a home in Kensington and Chelsea rose by the same amount to £889,996.

The research from Lloyds was based on the number of homes estimated to be worth £1 million or more and did not account for whether or not the properties were unencumbered.

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