Fivefold increase in property millionaires over last decade

Santander, the owner of Abbey and other UK banking brand names, has today issued a report suggesting there has been a fivefold increase in the number of property millionaires in the UK since 2000. Despite the fact that the credit crunch has impacted heavily towards the top end of the market, the bank estimates that there are around 132,000 "million pound" properties in the UK at this point in time.

Interestingly, 78% of residential properties worth in excess of £1 million are located in Greater London with the SW postcode itself accounting for around 30% of million pound properties. Like so many of the major economies around the world, the UK economy is based upon the property market where the wealth and resources of the vast majority of the UK population are invested. However, it is also becoming more and more apparent that the gap between the "haves and the have-nots" is growing with those at the lower end of the income spectrum suffering to a greater extent.

It is also more and more evident that the London market has "bounced" far quicker than any other property market in the UK and indeed still leads the way despite the fact that many investors lost significant money in the credit crunch and resulting property crash.