2% increase in Welsh £1m homes

There has been a 2% rise in the number of homes in Wales valued over 1 million pounds. This is in line with the rest of the UK which has also seen a steady growth in million pound houses.

New figures by the Portman Building Society (based on Land Registry data) show that in the third quarter of 2006 the number of property millionaires in the UK rose by nearly 32%, compared to the third quarter of 2005. Across the UK there are now 78,219 people with property valued at a million pounds or more, with the vast majority in London.

In Wales, most of the million pound homes are based in Cardiff or Cardiff Bay, the Vale of Glamorgan and West Swansea with others dotted around the Welsh sea and countryside. Local estate agents believe these areas are such hot-spots because of the new prosperity in Cardiff and the booming house prices there.