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| A third of all £1m-plus homes have been paid for in cash since 2011, study shows | A third of all £1m-plus homes have been paid for in cash since 2011, study shows |
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| Property millionaires have spent more than £63 billion on £1 million-plus homes since 2011 using cash as opposed to mortgages, the figures show. | Property millionaires have spent more than £63 billion on £1 million-plus homes since 2011 using cash as opposed to mortgages, the figures show. |
| Some 7,200 homes worth more than £1 million were bought yearly by buyers using hard cash, according to an analysis of Land Registry data from Bower Private Clients (BPC) an retirement lending advisory firm. | Some 7,200 homes worth more than £1 million were bought yearly by buyers using hard cash, according to an analysis of Land Registry data from Bower Private Clients (BPC) an retirement lending advisory firm. |
| Nearly two-thirds of the cash deals took place in London, where buyers spent an average of £1.9 million on property. The South East and the East of England were not far behind, with £1.53 million and £1.42 million spent on average per property. | Nearly two-thirds of the cash deals took place in London, where buyers spent an average of £1.9 million on property. The South East and the East of England were not far behind, with £1.53 million and £1.42 million spent on average per property. |
| Andrea Rozario, chief corporate officer of BPC, said the report highlights how many wealthy homeowners there are in London and the south-east with their wealth tied up in bricks and mortar. | Andrea Rozario, chief corporate officer of BPC, said the report highlights how many wealthy homeowners there are in London and the south-east with their wealth tied up in bricks and mortar. |
| “Property millionaire cash buyers are a growing force in the housing market highlighting the wealth which is concentrated in homes,” she said. | “Property millionaire cash buyers are a growing force in the housing market highlighting the wealth which is concentrated in homes,” she said. |
| The continuing squeeze on pension and investment income means some property millionaires may find themselves in a position where they have the desirable home which they love but not the level of income or liquid assets they had hoped for, Rozario warned. | The continuing squeeze on pension and investment income means some property millionaires may find themselves in a position where they have the desirable home which they love but not the level of income or liquid assets they had hoped for, Rozario warned. |
| The number of UK homes worth at least £1 million is set to triple by 2030, according to a recent report by Santander. | The number of UK homes worth at least £1 million is set to triple by 2030, according to a recent report by Santander. |
| Nearly half a million homes in the UK - representing 1.77 per cent of total housing stock - are currently valued at £1 million or more. | Nearly half a million homes in the UK - representing 1.77 per cent of total housing stock - are currently valued at £1 million or more. |
| Million pounds properties will mainly be concentrated in London and the South East of England, with one in every four properties in the capital expected to be worth £1 million or more. | Million pounds properties will mainly be concentrated in London and the South East of England, with one in every four properties in the capital expected to be worth £1 million or more. |