Research by Portman has found that the number of property millionaires has risen by almost 14% in the past 12 months, and now stands at around 60,000. The figures, based on the latest Land Registry sales information from the Office of the Deputy Prime Minister, also reveal a large difference in the amount of property millionaires in each region.
London is still the area of the country with the most property millionaires. At the end of 2005, the number of property millionaires in the capital reached 30,104, which is over half the UK's total. This is a 9% increase on last year's total, with most million pound properties being concentrated in Kensington & Chelsea areas.
Our view
This research will not turn too many heads given property prices nationally. It just goes to show that general property inflation has not slowed and property will continue to be a stable investment for most people over the coming years.