Property millionaires have spent more than £63 billion on £1 million-plus homes since 2011 using cash as opposed to mortgages, the figures show.
Some 7,200 homes worth more than £1 million were bought yearly by buyers using hard cash, according to an analysis of Land Registry data from Bower Private Clients (BPC) an retirement lending advisory firm.
Nearly two-thirds of the cash deals took place in London, where buyers spent an average of £1.9 million on property. The South East and the East of England were not far behind, with £1.53 million and £1.42 million spent on average per property.
Andrea Rozario, chief corporate officer of BPC, said the report highlights how many wealthy homeowners there are in London and the south-east with their wealth tied up in bricks and mortar.
“Property millionaire cash buyers are a growing force in the housing market highlighting the wealth which is concentrated in homes,” she said.
The continuing squeeze on pension and investment income means some property millionaires may find themselves in a position where they have the desirable home which they love but not the level of income or liquid assets they had hoped for, Rozario warned.
The number of UK homes worth at least £1 million is set to triple by 2030, according to a recent report by Santander.
Nearly half a million homes in the UK - representing 1.77 per cent of total housing stock - are currently valued at £1 million or more.
Million pounds properties will mainly be concentrated in London and the South East of England, with one in every four properties in the capital expected to be worth £1 million or more.
