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A Third Of £1M-Plus Homes Paid For In Cash Since 2011, Study Shows

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http://www.theguardian.com/business/2016/mar/08/third-of-1m-plus-homes-paid-for-in-cash-since-2011-england-wales

About a third of homes sold for £1m or more have been paid for in just cash in the last five years, as property millionaires splashed out more than £63bn, according to research.

Analysis of Land Registry data from retirement lending advisory firm Bower Private Clients (BPC) is further evidence of the widening gap between the housing haves and have-nots. It says that more than 7,200 properties in this price bracket are being bought a year without a mortgage.

Cash buyers have spent a total of more than £63bn on £1m-plus homes in England and Wales since 2011, spending on average £1.75m for a property.

Andrea Rozario, chief corporate officer of BPC, said: “Property millionaire cash buyers are a growing force in the housing market highlighting the wealth which is concentrated in homes.”

Rozario, who previously ran the Equity Release Council, added: “We wanted to highlight how many wealthy homeowners there are in London and the south-east, but for a lot of people their wealth is tied up in bricks and mortar.”

The analysis comes after a report from a high street lender predicted that the number of properties in Britain worth £1m or more would more than triple by 2030. Less than 500,000 homes in the UK are currently valued at £1m plus, but Santander said thiswould increase to more than 1.6m in the next 15 years.

Dirty cash???

There must be lots of cash floating around in the system!

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With borrowed Yuan.

You know, if Yuan devals 30% this year, Chinese can sell with 20% discount and still make 10% profit.

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