4 Feb

Increase in 'homillionaires'

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.ADNFCR-1222-ID-801773737-ADNFCR

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