House price rises across the UK over the past 12 months have resulted in 625,000 Britains now owning homes worth £1m according to a recent report carried out by Barclays Wealth. This equates to one in every 76 people now being classed a millionaire, a term no longer reserved just for those known to have extreme wealth.
The report, carried out by Barclays, looks at prosperity across the UK on an annual basis ranking regions and cities based on their levels of affluence across various factors.
Almost half these millionaires live in London and the South East. This is not surprising due to these areas being the most expensive within the UK. The East and West Midlands, although on a much lower scale, with 57,000 property millionaires collectively, have seen the biggest percentage increase since 2015, just over 11% compared to just 6% in London and the South East.
At 8% Birmingham has also experienced higher house price growth than both London at 3% and Manchester at 7%.
The North East region is home to the fewest millionaires with just 12,500 falling into the category, and whilst every region has seen an increase in the past year, Scotland has been less fortunate with no change seen due to a knock in house prices over the past few years.
Dena Brumpton, chief executive of Barclays Wealth & Investments, said: “The last twelve months have seen fluctuations in the UK economy, and this is reflected in the mixed picture of prosperity growth across the country, however the continued economic growth of the UK’s cities is currently cause for optimism.”