House prices still rising at top end to make the rich richer – Telegraph Blogs

House prices still rising at top end to make the rich richer – Telegraph Blogs

The rich are different, ‘The Great Gatsby’ author F Scott Fitzgerald observed nearly a century ago. Now new research from HSBC – one of the biggest banks in the world – shows how that remains true in terms of their property wealth.
While most people’s biggest asset – their home – is falling in value, house prices at the top of the market seem to be resisting the credit crunch and increasing in value. Even more irritatingly for egalitarians, hyper-rich homeowners are doing best of all. Peter Dockar, head of mortgages at HSBC said: “The number of UK property millionaires has been rising, despite house prices in the general market remaining below 2007 levels.