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UK's growing cadre of property millionaires, finds Portman

27 November 2006
The number of property millionaires in the UK rose by nearly 32 per cent in the third quarter, according to research from Portman building society.

Property millionaires in England and Wales reached 78,219, up on 59,400 from the same period in 2005.

The study, which is based on data from the Land Registry and Department for Local Government and Communities, revealed the highest concentration of property millionaires are found in London and the south-east.

Nearly 60 per cent of the UK total of property millionaires – 46,668 individuals – are based in London.

The south-east enjoyed the next highest concentration with 19,040 at the close of September 2006, although the north-west was second to London in terms of the increase in the number of property millionaires, with a 37 per cent rise to 2,560 in total over 2005-06.

The number of property millionaires is also on the up in the south-west, East Midlands and Wales, although numbers fell in the north of England, Yorkshire and Humberside.

The fortunes of property millionaires have been boosted by soaring house prices, which continued through October-November 2006 despite interest rate hikes in August and November.

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