UK sees "property millionaires" rise by 400%

Santander Mortgages found in its study that there are now over 100,000 homes worth more than £1 million in the country.

The UK has seen a five-fold increase in property millionaires over the past decade, claims new research.


Santander Mortgages found in its study that there are now over 100,000 homes worth more than £1 million in the country.

In 2000, there were only 26,776 properties valued above this threshold.

The data indicates that the housing market has bounced back quickly, with prices this year alone going up 28 per cent, making up for a 29 per cent decline last year.

London and the Home Counties headed the table of the 25 most property-rich areas, with south-west London leading with a staggering 38,026 homes worth over a million.

However, it is Edinburgh, as the only northern place in the top 20, which has seen the biggest increase over the past ten years.

Property millionaires in the Scottish capital have increased by 10,306 per cent.

This is more than double the national average increase, which is 393 per cent.

Posted by Luella Ravelin

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