The Times reports that one in 42 homes in Britain is worth £1 million or more, with about 80 per cent of new “property millionaires” created in the past year found outside London

The research, conducted by the estate agency Savills, found a record 689,168 homes in Britain were worth £1 million or more, equivalent to 2.4 per cent of all housing.

The crippling cost of buying a home has spread across the country with one in 24 homes in the southeast costing at least a seven-figure sum, and one in 40 in the east.

Some of the steepest property price rises have been in holiday hotspots where second homebuyers have competed with relocators and residents.

The problem for residents is being compounded by a steep decline in the number of new social housing projects completed since 2013.

According to the Countryside Charity, formerly the Campaign to Protect Rural England (CPRE), there were about 15,000 families on social housing waiting lists in Cornwall, the same number as properties marketed as holiday lets.

Crispin Truman, the charity’s chief executive, said: “Across our most traditional rural communities… homes that used to be rented to local families sit empty for much of the year.

More people are pushed onto social housing waiting lists, which have been stretched to breaking point by years of underinvestment.”

Full articles:

The Times - Huge rise in £1 million homes across the UK
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ITV - Cornwall has as many homeless families as holiday lets