8:58am UK, Saturday April 22, 2006

There are now nearly 60,000 property millionaires in England and Wales, according to the latest estimates.

Portman Building Society said the number of homes above the seven-figure threshold had soared 14% during 2005.

More property millionaires in UK

It estimates there were about 59,827 properties worth more than £1m at the end of 2005 - up from just 4,677 at the end of 1995.

London has the highest concentration of property millionaires, with more than 30,000 people owning a home worth seven figures or more at the end of last year.

The total accounted for half of all the £1m-plus properties in England and Wales after increasing by 9% during 2005, and soaring eight-fold since 1995.

The South East accounts for 13,010 properties worth more than £1m while there are about 2,348 in the South West.

However, only 243 homeowners in Wales are property millionaires, while just 354 homes are valued at more than 31m in the North.

Yorkshire and the North West saw the greatest increase in seven-figure properties during 2005, with the number rising by 182% in both regions.

But the number fell in East Anglia and the West Midlands during the year.

The group based its research on Land Registry sales data and figures from the Office of the Deputy Prime Minister.