Britain 'sees five-fold increase in property millionaires since 2000'
The number of properties valued at £1 million or more has risen by 393 per cent since 2000.
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Thursday, 08, Jul 2010 01:54
The number of homes in the UK valued at £1 million or more has increased by 393 per cent in the past decade, according to a new report.
Figures compiled by Calnea Analytics for Santander show that 131,996 houses currently come with a seven-figure price tag, up from 26,776 in 2000.
Of these properties, 103,168 - or around 78 per cent of the total - are situated in Greater London, particularly in areas with an SW postcode.
Other towns in the top ten for million pound homes included Guildford in Surrey (3,907), Slough in Berkshire (2,830) and Hemel Hempstead in Hertfordshire (2,242).
Edinburgh had the most property millionaires outside of the south-east. The Scottish capital has 1,665 homes in seven-figure territory.
Santander noted that between 2008 and 2009, the economic downturn saw the number of £1 million houses drop by 43,000 - but this year alone, another 29,000 properties have climbed into the bracket.
PrimeLocation.com's Nigel Lewis said: "It's amazing how fast million pound-plus property prices have recovered since the dark days of mid-2008 when the market experienced significant price reductions."
According to Halifax, the average cost of a UK property is £166,203.