Despite England’s current economic woes, and the recent collapse of its property market, a slew of British homeowners are still far more wealthy than they used to be, thanks to their housing investments.
In fact, since 2000, the number of ‘property millionaires’, ie. those with homes worth one million pounds or more, has jumped by over 100,000. If you’re British and this doesn’t make sense, perhaps it’s because you don’t live in London:
Almost 80 per cent of the million pound homes are in London, with the capital’s “SW” postcode claiming nearly three in 10 of the nation’s millionaire properties.
Postcodes in London and the home counties – including towns such as Guildford, Kingston upon Thames and Hemel Hempstead – occupy the top 10 places, according to the research carried out by Santander. London’s “SE” postcode area has showed a 23-fold increase in its number of property millionaires in the past decade.
So not everyone has been crushed by the property market, despite the crash. Many made a lot of money during the recent cycle, and these people probably haven’t lost hope for property’s future returns, especially after recent market challenges. America has many lucky souls in a similar situation as well, to whom property market doom and gloom must seem quaint. Yep, life isn’t fair.