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2,000 Hit £1m Mark In Homes Bonanza

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My first new topic, so be warned in advance. Am a recent HPC convert, having worked in an EA for 4 years.

It must have been a really slooow news day today!


BOOMING house prices have created nearly 2,000 property millionaires in the north west, new figures have revealed.

The number of homes worth more than £1m has nearly doubled in the space of a year, according to official statistics.

Experts say the thriving Manchester economy is drawing in more and more high-earners, and this has sent prices soaring in the luxury home market.

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Figures compiled by the Land Registry show how the number of £1m-plus property sales has grown rapidly in the north west over the past decade.

It is estimated there are now 1,916 homes in the region which are worth £1m or more.

Between 2004 and 2005, the number of million-pound sales rose by 182 per cent, the highest annual rise in the country - matched only by Yorkshire and Humberside.

Figures released today show that just under one in every 100 property sales in the north west is priced at £1m or more, compared to just one third of that number last year.

Much of the rise has been put down to executives coming to Manchester, as part of some £2bn of private cash that has been invested in the local economy in the last five years.

Major multi-nationals, like the Bank Of New York, have already set up home in the city - and the BBC's plans to move 5,000 jobs to Greater Manchester are tipped to accelerate the trend.

Dr John Risk, principal economic adviser for Greater Manchester Chamber of Commerce, told the M.E.N: "The past 10 years has seen our region continue to go from strength to strength, to become the largest regional economy outside of London and the south east. The north west is increasingly becoming home to some real big hitters who have decided to settle here, and so the rise in thenumber of million-plus properties only looks set to continue.”


Helen Shaw, of the group communications manager at Portman Building Society, said: “The north west has continued to see an impressive increase in property millionaires year-on-year.

“The boom across the UK in the last 10 years has dramatically increased the number of people with serious property wealth. If the rate of increase over the last decade continues, there will be more than one million %property millionaires by 2018 and more than two million by 2020.”.”

Selwyn Demmy made millions by selling off the three betting shop empires he built up over the last 45 years. But, at the age of 73, he makes just as much from his property empire as he does from the telephone betting business he just can’t give up.

He said: “I can’t say how much, but I’ve made a substantial amount of money from the property game. It’s simply a case of being sensible and knowing a good opportunity when you see one.

“I got started because I always owned a few shops across Manchester with the betting businesses, and, whenever I sold the businesses, I always tried to retain the properties.

“The knack was always to buy at the right price and at the right time. And I was always able to do it by way of a sideline, while betting was my main business.” But lucrative though it has been, Selwyn could never bring himself to make it his main business, such was his love of the races.

He said: “It was never hard work, and it still isn’t, but there aren’t the characters and the excitement involved as there are in betting. I could never go in for it except as a part-time thing.

“But, over the years, it has been good to me, and things always tended to come right. If you have the right property and the right tenant, everything runs like a dream.”

Interesting comment too! I'm going to stop buying the MEN seeing as they print this rubbish. Second top story - Airlines deny claims budget flights are ruining the environment.



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There was a similar piece in the Evening Standard yesterday about the number of properties being priced at £1,000,000 plus in London, not as many as I thought tbh.

So is the answer for us to all move south as the big hitters are moving north then ??

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I am seeing a lot of articles referencing a 'boom' that do a 5 year span as evidence. There are clearly some serious attempts to deflect from people focusing on the current situation but filling up property pages with nostalgic boom time retrospectives that thinly disguise themselves as an analysis of why property is a good bet per se (and particularly now when the VIs are panicking!).

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  • 302 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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