Property millionaires on every street

There are close to 200,000 people in Britain that are now called property millionaires. They are the ones with homes that are worth £1million. It shows the vast difference there is in the country with many that have homes worth millions and others that are unable climb aboard.

The country has an average salary of £26,000 making it almost impossible for many to afford the average priced home of £160,000. Those that purchased years ago at a fraction of the current prices that their properties are worth today have homes that are worth several million pounds.

Numbers are also increasing of the amount of people that are able to spend over £1million or more on a home. Over 7,000 people spent that kind of money to purchase a property, about 20 per day on average making that 50% higher than the year before and the highest increase in four years. This is a sign of the resilience of the country’s property market in an economy that is fragile and recovering from a recession.

Of those homes that sold for at least £1million an incredible 125 sold for over £5 million. London, per research, leads with the number of properties in a capital that only the really well-paid, those independently wealthy or those with family money can afford to purchase.

Over 4,200 homes sold for £1million or more just in London with only 13 in the North East and six in Wales. The most expensive home ever purchased in the country was recently purchased by a man from Ukraine for £136 million. The billionaire, Rinat Akhmetov did not have to take a mortgage on the property in the One Hyde Park development just a short stroll from Harrods.

Even thought the prices of homes have fallen drastically in other parts of the country, the prices for most of the exclusive homes are at all time highs. In the past year in the North East the average house prices have declined by 7% but those homes in the Chelsea and Kensington area have risen by over 7% to an average of over £890,000.

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