New figures have shown that 2010 was a boom year for property millionaires, with the number of homes valued at over GBP1 million on the UK market growing by 39 per cent over the past 12 months.
Prices at the top end of the market have far outstripped the rest in 2010. There are now 37 per cent more properties on the market worth GBP2 million, 46 per cent more properties worth GBP5 million and 52 per cent more properties worth GBP10million, Prime Location revealed.
Andrew Smith, research director at Primelocation.com, said: "2010 may have been a difficult year for most homeowners, but those at the top end of the market are doing extremely well. There are more property millionaires
now than ever and they are getting richer too.
"The market for GBP1 million-plus homes is set to get even hotter as the April 6th stamp duty deadline looms, when it rises from four per cent to five per cent on properties over that threshold."
- Tuesday 11 January 2011