Number of property millionaires soars 32 percent

LONDON, Nov 25 (Reuters) A buoyant housing market has led to a 32 percent jump in the number of property millionaires in the past year, figures show.

There were 78,219 owners of homes worth 1 million pounds or more in England and Wales by the end of September 2006, compared with just 59,400 a year ago.

The figures, based on data from the Land Registry and Department for Local Government and Communities, show that London led the rise.

It is home to 46,668 property millionaires -- nearly 60 percent of the total and up 38 percent on last year.

The southeast has the second highest proportion of property millionaires -- 19,040 following a 28 percent rise, which equates to 24 percent of the total.

Almost all other regions of England and Wales also show an upward trend.

The northwest has seen a 37 percent increase, the West Midlands a 36 percent rise and East Anglia a 30 percent uplift in the number of owners of homes worth 1 million pounds or more.

The number of property millionaires is also on the up in the southwest, East Midlands and Wales.

But the north of England and Yorkshire and Humberside have seen a drop, after the average property selling prices in those areas tumbled.

Matthew Wyles, group development director at Portman Building Society, said: ''London and the southeast continue to dominate the property millionaires' league table -- this should come as no surprise.

''City bonuses have been generous and plentiful in recent years and much of this wealth has poured into residential property.

''With the 2007 bonus season likely to yield another excellent result for City workers, we confidently expect the London property market to extend its lead.'' Reuters DH VP0655