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Millionaire house owners increase | Millionaire house owners increase |
(about 1 hour later) | |
The number of property millionaires in England and Wales has increased by a third to nearly 80,000. | |
Research from the Portman Building Society shows 78,219 homeowners in England and Wales have property that is worth in excess of £1m. | |
Nearly 60% of property millionaires in England and Wales live in London, with 46,668 residents boasting £1m homes. | |
After London, the North West showed the second greatest increase in the number of property millionaires. | |
City bonuses have been generous and plentiful in recent years and much of this wealth has poured into residential property Matthew Wyles, Portman Building Society | City bonuses have been generous and plentiful in recent years and much of this wealth has poured into residential property Matthew Wyles, Portman Building Society |
Matthew Wyles, group development director at Portman Building Society, said: "London and the South East continue to dominate the property millionaires league table. This should come as no surprise. | Matthew Wyles, group development director at Portman Building Society, said: "London and the South East continue to dominate the property millionaires league table. This should come as no surprise. |
"City bonuses have been generous and plentiful in recent years and much of this wealth has poured into residential property." | "City bonuses have been generous and plentiful in recent years and much of this wealth has poured into residential property." |
He added: "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." | He added: "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." |
House price growth in 2006 has exceeded most analysts expectations, due to shortage of supply and strong economic growth. | House price growth in 2006 has exceeded most analysts expectations, due to shortage of supply and strong economic growth. |
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