Over 7,200 \u00a31 million-plus homes are being bought each year without mortgages, according to analysis from Bower Private Clients.<\/p>\n
The high net worth adviser says this highlights the growing potential importance of property wealth to retirement planning.<\/p>\n
Its research shows more than \u00a363 billion has been spent on homes costing more than \u00a31 million in England and Wales over the past five years with the average cash buyer spending \u00a31.75 million. Around one in three \u00a31 million-plus property purchases are cash deals.<\/p>\n
Nearly two-thirds of the \u00a31 million-plus cash buyers bought in London with the average spent per property hitting \u00a31.89 million \u2013 but the South East, East and South West also saw high numbers of millionaire cash buyers.<\/p>\n
More than 110,000 \u00a31 million-plus homes have been bought in the past five years across England and Wales with a total of \u00a3192.7 billion spent; around 67% were partially funded by mortgages.<\/p>\n
Bower Private Clients believes the surge in million-plus cash sales underlines the need for more specialist advice and bespoke solutions for retired homeowners who need to maximise their property assets.<\/p>\n
It has recruited specialist advisers from private banks and has access to specialist underwriters to help it deliver personalised equity release solutions for customers with the initial focus on London and the South East.<\/p>\n
Andrea Rozario, chief corporate officer at Bower Private Clients, said: \u201cProperty millionaire cash buyers are a growing force in the housing market highlighting the wealth which is concentrated in homes.<\/p>\n
\u201cThe wealth tied up in homes is a potential source of retirement funding but people who want to remain in their properties can struggle to access the money via general mortgages which is driving increasing demand for retirement lending solutions.<\/p>\n
\u201cThe continuing squeeze on pension and investment income means some property millionaires may find themselves in a position whereby they have the desirable home which they love but not the level of income or liquid assets they had hoped for. Consideration of how best to maximise what will likely be their biggest asset should include solutions such as a lifetime mortgage.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Over 7,200 \u00a31 million-plus homes are being bought each year without mortgages, according to analysis from Bower Private Clients. The high net worth adviser says this highlights the growing potential importance of property wealth to retirement planning. Its research shows more than \u00a363 billion has been spent on homes costing more than \u00a31 million in […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,1],"tags":[],"class_list":["post-1624","post","type-post","status-publish","format-standard","hentry","category-news","category-uncategorized"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9PjAq-qc","_links":{"self":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/1624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/comments?post=1624"}],"version-history":[{"count":0,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/1624\/revisions"}],"wp:attachment":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/media?parent=1624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/categories?post=1624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/tags?post=1624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}