Majority of the UKs property wealth (84 per cent) is based in the South of England where house prices are considerable higher, a figure which highlights the ever increasing gap in the distribution of property wealth across the country.
How much is your house worth?
London boasts the highest proportion of homeowners whose property value exceeds the million pound mark, nearly 60 per cent of the nations total, with the South East showing the second biggest concentration at a figure just shy of 20,000.
Outside of London, the North West has seen the second greatest increase with a 37 per cent rise in property millionaires, and the average house prices in Manchester and Liverpool have in turn seen sharp rises of 13 and 14 per cent respectively, good news for those already on the ladder but more bad news for first time buyers.
Compare mortgages here
Nearly all other areas across the country have seen similar increases in value, except for Yorkshire and Humberside. This year has instead seen a steady decline in the average property price across the region, subsequently meaning that there has been a drop in the number of those making in excess of a million from selling up in this particular part of the North.
Matthew Wyles, group development director at Portman Building Society has commented on the changes in the South, City bonuses have been generous and plentiful in recent years and much of this wealth has poured into residential property. 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
Get more mortgage news here
Loading ...