UK two-tier housing market 'very apparent'

Posted: 19 Dec 2011 15:53:46 GMT

While overall house prices have fallen, the number of property millionaires has increased.

A two-tier housing market is very apparent in the UK at present, new research has suggested.

Carried out by property information website Zoopla, the investigation revealed that while overall house prices have fallen, the number of property millionaires has crept up.

According to the study, the average house value in the UK has dipped three per cent year-on-year since December 2010 to stand at £221,128.

However, this year has seen the creation of 26,744 new property millionaires in the nation, bringing the amount of dwellings valued at more than £1 million to 253,118.

Nick Leeming of the portal - which was launched in 2008 and attracts over ten million visits a month - said: "This data shows clearly how differently the top end of the market is performing from mainstream Britain."

The industry figure noted inflation, poor wage growth and an inability to secure mortgage finance are all affecting the majority of the market.
 

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