Property millionaires on the rise, study shows

Posted: 08 Jul 2010 11:51:49 GMT

The number of people living in million-pound properties has increased by five times in the past decade, research from Santander has shown.

According to the report, there are over 100,000 people who have moved into a million-pound home since 2000, with 78 per cent of all properties valued over that mark situated in London.

This is despite a drop in 2008-09 - when the credit crunch led to 43,000 houses losing their status as a property worth £1 million or more - with the past 12 months seeing 29,000 regain their place in the category.

Phil Cliff, director of mortgages at Santander, said: "Whether you're a property millionaire or not, prospective buyers and those remortgaging need to ensure they get a fair deal on their house and mortgage."

Santander recently noted that current conditions mean now is a good time for first-time buyers to get onto the property ladder, as renting outside of London is more expensive than getting a mortgage.


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