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Britain Has 185,000 Property Millionaires - And Rising Fast

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http://www.dailymail.co.uk/news/article-1382561/Britain-185-000-property-millionaires--rising-fast.html

Britain has 185,000 property millionaires - and rising fast
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http://www.dailymail.co.uk/news/article-1382561/Britain-185-000-property-millionaires--rising-fast.html' rel="external nofollow"> http://www.dailymail.co.uk/news/article-1382561/Britain-185-000-property-millionaires--rising-fast.html' rel="external nofollow">
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Around 185,000 people in Britain are now‘property millionaires’ with homes worth £1million or more, research reveals today.
It highlights a housing apartheid in this country, with many people living in homes worth a fortune - but others unable to get onto the ladder.
With an average salary of £26,000, few can afford to buy when the average price of a home is around £162,000.

:angry:

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Good find, thanks!

£26k income compared to £162k house... what a joke. I know the standard response: 'dual-income'! Tosh.

Again, good find... just about to read the rest of it..

Just read it - the article goes on and on and on... I think it's meant to be a bullish article.

Edited by guitarman001

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They didn't buy iPods.

Well, I can't live without music, so I'd know what I'd rather have.

Ipod OR House....... ding ding iPOD!

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Can't be bothered to read the article, sounds like a load of tripe. But I'd say that the number of property 'millionaores' is falling as prices fall, not rising.

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Eventually even the London and high-end bubble will burst! :huh:

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Wonder how many of them are actually British? Lots of Russians and Arabs seem to be mentioned.

In which case their million pound property is probably worth a lot less than it was in their local currency anyway.

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With an average salary of £26,000, few can afford to buy when the average price of a home is around £162,000.

Some [better] Statistics:

In 1997, according to the Office of National Statistics, the national average wage was £16,666.

According to the Nationwide Building Society the Average House price in 1997 was £55k.

£16,666/£55,000 = 3.3x salary [mortgage]

The Average First Timer Buyer mortgage in 1997 was just £41.5k [Council Mortgage Lenders]

[ I will be buying my first home when we see a return to similiar levels of affordability. ]

By 2007, at the peak of the boom [according to the Office of National Statistics] the national average wage had risen to £23.5k

The Average House Price in 2007 was £185k. [Nationwide Figures. Halifax estimate AHP higher than £185k]

£185,000/£23.5k = 7.8x salary.

[There have also been countless examples of 300% increases from 1997-2007 in my area. Many are still priced at that]

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The national average salary in the UK rose by 41% from 1997 to 2007. [ONS]

[The average House Price rose by a staggering 236% over the same ten year period. From £55k to £185k] *Nationwide.

***The Median UK Household Income has risen by 42.3% over ten years. [ONS]

Median Household Income 1997 was £13,917.00

Median Household Income 2007 was £19,808.00

[One of the features of the bubble has been the increase in two income families. But as you can see from the Median Household income, this has not made houses more affordable.]

Over two thirds of the UK earn less than average wage.

In 2008 an ONS survey showed that over 6 million people earn £10k per annum or less. [These included Hairdressers and Cleaners.]

---------------------------------------------------------------------------------------------------------------------------------------------

House Prices need to fall to the same level of affordability relative to median household income earnings and interest rates, as they were in the mid-1990s.

Circa 60% reductions from peak.

Then we'll talk about the up and coming lawsuit in the European Courts, against the British government by the 2-3 million 'priced out' taxpayers, forced to bail out corrupt banks, and pay for 'liar loan' landlords BTL mortgage empires.

I'll settle out of court for £500k. For ten years of pain and suffering at the hands of our incompetent corrupt governmnet.

Edited by Dan1

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thats a lot of Schroedingers Fat Cats

...just a plug for the next TV property programme....they are trying to tell the people the dream is still alive while flogging a dead horse... :rolleyes:

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...more likely to be receding fast ....the writer is VI trying to keep the tide out.... :rolleyes:

I wouldn't bet on it. huh.gif

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Correct me if I'm wrong but isn't this based on stats showing an increase in £1m+ homes being sold in 2010?

Again, correct me if I'm wrong but hasn't there been lots of EAs crawling out the woodwork in recent times to tell us sales of £1m+ homes have been booming in the rush to beat the SD deadline?

Hmmm..

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Someone with a portfolio of properties worth £1m and mortgages on them isn't a millionaire.

Someone with the same portfolio and no mortgages is a property millionaire.

That still isn't a millionaire.

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Someone with a portfolio of properties worth £1m and mortgages on them isn't a millionaire.

Someone with the same portfolio and no mortgages is a property millionaire.

That still isn't a millionaire.

Not in the old sense as a definition of being filthy rich, but I think you have to say that someone with net wealth of £1m is a millionaire.

To live a millionaire's lifestyle must require upwards of £10m in liquid assets.

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These property millionaires, I can assure you all work hard, they went without iPODS, work 80 hour weeks shovelling coal with their BARE hands.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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