More millionaires created from house price boom than from lottery

It has been revealed that a greater number of millionaires have been created in Britain as a result of the house price boom than as a result of the National Lottery. In fact, according to reports over the past decade and a half twenty times more millionaires have been spawned from the boom in property prices than through the luck of the draw in the National Lottery. The study was carried out by High Street bank HSBC as the nationwide prize draw celebrated its fifteenth year.

Since the lottery began fifteen years ago 2300 people have been lucky enough to win £1 million or more, turning them into overnight millionaires. However, over the same period an impressive 43,000 millionaires have been created as a result of booming property prices, which equates to around twenty times the number of lotto millionaires.

The results of the study also showed that in 1995 around 186 properties worth £1 million or more were sold in the UK, but this year an estimated 2800 properties of this value will be sold in England and Wales.

Whilst the number of £1 million plus properties expected to sell this year is far higher than in 1995 the number is not as high as in the past couple of years. In 2008 5200 homes of this value were sold, and in 2007 there were 8834 properties of this value sold in the UK.

Between 2007 and today there has been a fall of 68 percent in the number of homes being sold that are worth £1 million or more, and this is largely due to the house prices falls that have taken place since that time.

It is thought that the up and coming Olympics could add value to property in London, creating even more millionaires in the next few years, with one property consultant stating: ‘Further supporting the number of million pound homes here is London’s ability to continue evolving new hotspots. The arrival of the Olympics in 2012 is a factor that will add major appeal to a range of locations, supporting house prices and no doubt helping to create many more property millionaires in the near future.’

Tags: money, london, property prices, Wealth, property consultant, housing market, Millionaire