LONDON now has more than 100,000 homes worth more than £1M, according to a report from the Santander bank.


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On the average, each home has just over two people living in it, so there are more than 200,000 Londoners sitting on million pound property piles.

A big chunk of those millionaires are in south west London, which claims a third of the total, or about 70,000 people.

You’ve got to feel for these property millionaires though. The recession over the last two years has taken at least 20,000 homes out of the seven figure bracket.

However, don’t get the tissues out just yet. Upmarket property has suffered less of a price drop than the rest of the market.

“Homes costing more than £1M are much more resilient to price falls than the mainstream housing market,” Melanie Bien, director of mortgage broker Private Finance, told the Daily Telegraph.