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Property millionaires on the rise in UK

Property millionaires on the rise in UK

Despite the fall in UK property prices seen in recent years due to the global credit crisis more than 100,000 new property millionaires have been created during the last ten years.

However the result of the credit crunch has seen a reduction of thirty in every hundred million pound priced properties.

According to data supplied by Santander Mortgages the UK property market has more than 131,990 residential properties valued at £1 million plus, this is almost five times the number that was present in 2000. More than three quarters of these are situated in the Capital.

At the lowest point during the recession between the end of 2008 and towards the middle of last year more than 40,000 properties dropped below the £1m price tag but the last eight months has seen a revival in the fortunes of property at the upper end of the scale and almost 30,000 homes have regained their million pound status.

The top ten places in the Property Millionaire league table are to be found in the south of the country including London.

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Published: 13-Jul-10

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