4
Feb
Increase in 'homillionaires'
There has been a rise in the number of Brits who own homes worth
more than £1 million.
Figures from the Land Registry show there are now 400,000 so-called
'homillionaires' as property prices continue to rise.
It is estimated that 160 families per day see the value of their
properties pass the £1 million mark, with the majority based
in London and the South East.
According to the data, a total of 275,000 homillionaires live in
London and this figure is set to grow. On 12 streets in the
capital, it would be a push to buy a garage for less than £1
million.
The most expensive area in London is Kensington Palace Gardens with
an average house price of £42.7million.
Outside of the capital, there are other pockets of homillionaires.
For example, Restrongeut Point in Truro, Cornwall has 55 houses
worth more than £1 million.
However, many of the property owners actually remain relatively
cash-poor as their wealth is tied up in their main asset.