 House price rises in 2006 have exceeded expectations |
The number of property millionaires in England and Wales has increased by a third to nearly 80,000. Research from the Portman Building Society shows 78,219 homeowners in England and Wales have property that is worth in excess of �1m.
Nearly 60% of property millionaires in England and Wales live in London, with 46,668 residents boasting �1m homes.
After London, the North West showed the second greatest increase in the number of property millionaires.
Matthew Wyles, group development director at Portman Building Society, said: "London and the South East continue to dominate the property millionaires league table. This should come as no surprise.
"City bonuses have been generous and plentiful in recent years and much of this wealth has poured into residential property."
He added: "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."
House price growth in 2006 has exceeded most analysts expectations, due to shortage of supply and strong economic growth.
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City bonuses have been generous and plentiful in recent years and much of this wealth has poured into residential property
