1 in 79 in the UK is a millionaire

[nicolasturgeonGRTRtheresamay]

www.dailymail.co.uk/news/article-4852306/House-price-rise-make-1-79-Brits-21-millionaire.html

Just because of buying a house. Aibu to think this is just ludicrous?

The UK has never seemed so poor!

As a PP said it would be interesting to know the breakdown of the statistics re foreign property.

However it is largely meaningless as unless you bought years ago & sold for 1m plus & moved far out you can't actually release most of that money. Even then you may have to give any equity to your kids to enable them onto the ladder so who actually benefits apart from the banks.

The millions are not realised until the houses are sold. The valuations are just that, what would happen to the value if everyone decided to sell at the same time?
Prices are fantasy, valuations from what was then. Times are changing, no one is buying, or can afford said prices. The housing illusion is over, they will revert back to somewhere to live.

I have a house that I rent out. I will probably sell it in a year or so. The price I'm likely to get is less than I would have got a year ago.

Talking about wealth in relation to house prices is pretty pointless really.

It's not actually real money though, is it? Equity never is until you sell the place. The better way to tackle this wouldn't be to talk about the way in which people who've won the property lottery should give back. It'd be trying to actually fix the system that led to this ludicrous situation in the first place.

Prices were high because the Govt QE money printed was lent out as debt by the banks to fund property purchases. Unproductive assets, if you like. The term lending scheme is not being replaced.
Future govt money is to be diverted to productive venture, infrastructure, industry, jobs etc.
Ultimately this will ensure that more people can share in the nations wealth, as opposed to those who were lucky enough to purchase a pile of bricks at the correct time.

Having a house worth £1million doesn't make someone a millionaire unless they own the house outright AND have another house they could live in should they want to have the million quid.

A revolution won't build more houses. Lack of supply, due to cost of new building, due to decades of development-hostile government regulations, are what has pushed house prices so high in this country. I can't locate exact figures right now but the percentage of cost of a new-build home that's land has gone up.

As I see it it's a difficult position the country and government has got itself into now. Continue the status quo and it keeps on shafting future generations with short supply overpriced housing. We now expect 35-year-olds to live in one room in a shared house - how long before we expect pensioners to live like that? But if there's a policy shift towards building the houses we need then that will drop the prices and that shafts the current homeowners who took out mortgages to buy at the high price.