27 November 2006
The number of property millionaires in the UK has risen by 32 per cent, it has been reported.
Figures from the Portman Building Society reveal that there are nearly 80,000 people in possession of property worth over £1 million, in comparison to less than 60,000 people this time last year.
The densest concentration of property millionaires is found in London, where the total figure represents almost 60 per cent of the UK total, increasing by 38 per cent on the number for 2005.
"City bonuses have been generous and plentiful in recent years and much of this wealth has poured into residential property," Matthew Wyles, group development director at Portman Building Society, commented.
"With the 2007 bonus season likely to yield another excellent result for city workers, we confidently expect the London property market to extend its lead."
A recent Halifax House Price Index revealed that house prices rose in October by 1.7 per cent, but are expected to ease in the coming months due to higher utility bills and increased mortgage rates.
