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Barclays: Property second-biggest factor in creating UK's super-rich

06 March 2007
It is little wonder house prices in London and the south-east have continued to soar above the average – the four postcodes where Britain's wealthiest citizens live are all in these two regions, according to a new study from Barclays.

House prices and earnings are working together to keep the concentration of wealth highest in the south-east and the capital, the survey shows.

Moreover, income from property ownership has proved decisive in shaping the fortunes of the wealthiest Britons, according to the survey – 44 per cent of respondents had profited from property purchase, making it the second most important factor determining wealth, behind savings from earning and ahead of inherited money.

But despite the strong returns on property ownership in the UK, many of those surveyed were considering making their homes elsewhere.

While 14 per cent were considering moving abroad, 87 per cent of those were driven by the pursuit of a better lifestyle.

And even among the uber-rich, it appears, current British property prices are prohibitive – 79 per cent of people declared they wanted to move abroad to escape high house prices.

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