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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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