More millionaires made from property than lottery
Sales of million pound properties in the UK have increased since the mid-nineties, according to HSBC.
In total, over 43,000 of property investors have been made millionaires compared to just over 2,000 from National Lottery jackpots. However the average price of a detached house in the UK still stands at £344,989.
The numbers reveal that 15% more properties were sold over the million pound mark this year than in 1995. It is estimated that 2,800 homes over the £1 million price tag will be sold this year in England and Wales.
Andy Mielczarek, head of retail products at HSBC, said: "Despite a recent house price decline, the increase in the nation's property wealth has outstripped retail price increases by over four times during this period."
Generally the high end of the property market has been faring better than the industry as a whole. While houses in the £1 million-plus bracket have experienced a 28% dip in sales, this is significantly lower than the 54% market average.
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