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Property millionaires increase by almost 32% in UK

Portman has revealed that in Q3 2006 the number of property millionaires in the UK rose by nearly 32%, compared to Q3 2005, reaching nearly 80,000.

During the third quarter of 2006 the number of property millionaires in England and Wales reached 78,219. This compares to 59,400 property millionaires during the same period in 2005 and demonstrates a massive 32% increase in the proportion of individuals who now own estates worth over one million pounds in the UK.

The figures, based on the latest Land Registry sales data and figures from the Department for Local Government and Communities also reveal a large regional disparity in the countrys distribution of new property millionaires.

Over the last 12 months London continued to lead the way in housing the highest proportion of UK property millionaires. The total number of property millionaires reached an estimated 46,668, nearly 60% of the UK total.

The South East boasted 19,040 property millionaires, accounting for 24% of the UKs total. Average property selling prices in the regions cities of Liverpool and Manchester have seen increases of 14% and 13% respectively and have in turn contributed towards a 37% rise in the regions property millionaires.

Matthew Wyles, group development director at Portman, says: London and the South East continue to dominate the property millionaires league table, and 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.

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

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