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Average House £1Million
The average British homeowner could be sitting on property worth £1 million by 2040, according to a survey. Research commissioned by BT Internet has revealed the cost of the average home will go up from £79,393 this year to £1 million within the next 40 years.
The study, conducted by Future Foundation, was based on a range of sources including the Retail Price Index. Calculations are based on average 6.6% annual growth rates of the last 20 years.
Meanwhile, non-homeowners are advised to look to saving their monthly income as the next most likely route to making a million.
Based on current average earnings of about £20,000 per annum, the study found it would take the average worker 50 years to amass £1 million.
Reaching this goal may prove more difficult as the calculation ignores wage growth, income tax and National Insurance.
For all those aspiring to cross the £1 million threshold, the study warns that the achievement is not as fruitful as it once was.
Today's millionaires are up to nine times poorer than their 70s predecessors, with £9.2 million today buying what £1 million would have bought in goods and services back in 1970.
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