Fewer million pound homes in East

THE number of homes valued at more than £1million in East Anglia has fallen in the last year, according to new research.They dropped by just under 1% to 1,594 in the region, according to the Portman Building Society.

THE number of homes valued at more than £1million in East Anglia has fallen in the last year, according to new research.

They dropped by just under 1% to 1,594 in the region, according to the Portman Building Society. The only other region where numbers fell was the West Midlands.

However, nationally there are now nearly 60,000 property millionaires in England and Wales after the housing boom pushed more homes above the seven-figure threshold.

The research estimated there were about 59,827 properties worth more than £1 million at the end of last year.


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The group, which based its research on Land Registry sales data and figures from the Office of the Deputy Prime Minister, said the number of homes that would command a seven-figure price tag had soared by 14% during the year.

It added there were now over 12 times more property millionaires than at the end of 1995, when just 4,677 people had a home worth more than £1 million.

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London has the highest concentration of property millionaires, with more than 30,000 people owning a home worth more than seven figures at the end of last year.

The total accounted for half of all million pound-plus properties in England and Wales after increasing by 9% during 2005, and soaring eight-fold since 1995.

The South East accounts for 13,010 properties worth more than £1 million, while there are about 2,348 in the South West.

But only 243 homeowners in Wales are property millionaires, and there are just 354 homes valued at more than £1 million in the North.

Yorkshire and the North West saw the greatest increase in seven-figure properties during 2005, with the number rising by 182% in both regions.

Helen Shaw, group communications manager at Portman Building Society, said: "The boom in prices during the last 10 years has had a dramatic effect on personal wealth.

"If the rate of increase over the last 10 years were to continue, there would be over 1,000,000 property millionaires by 2018 and over 2,000,000 by 2020."

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