28 Nov '12, 4am

Half of UK's wealthiest own more than one home #PR

Property ownership remains a top priority for many millionaires in the UK, with 49.9 percent of high-net-worth individuals (HNWIs) owning more than one property, according to Skandia’s ‘Millionaire Monitor’ Report 2012 . The report also revealed that more than 60 percent of millionaires below the age of 50 are more likely to invest in multiple properties compared to 42 percent for those over 50. Personal use is the driving force luring millionaires to buy second homes, possibly a small living unit, country pad or place to retreat for long weekends. The report noted that British millionaires planning to leave the country fell from 7.7 percent in July 2011 to only 3.6 percent this year, a good sign for the high-end domestic property market, especially as more wealthy foreign nationals relocate to the UK. High-end estate agency Barton Wyatt revealed that 75 percent of their p...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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