Soaring property value mean there are now 400,000 owners of homes in the UK worth £1m or more, with more than half of those seven-figure residences being found in London.
A total of 160 families a day became ‘homillionaires’ last year, according to Land Registry figures, and experts believe that the rate of property millionaire households will reach nearly 200 a day this year.
Although the total value of UK property worth £1m or more is estimated to be £836bn, they warn many of these families remain cash poor as their wealth is tied up in property.
The majority of the property wealth is in London. Of the 10,600-plus streets across the country with an average house price of at least £1m, the most expensive is Kensington Palace Gardens, which has an average house price of £42.7m.
There are an estimated 275,000 homes worth £1m or more in London and 72,100 in the south east.
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