Halifax reports increase in £1m properties

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Halifax reports increase in £1m properties

Mon 24th Sep 2007

The number of million pound properties in the UK is soaring, with three times as many homes now selling beyond the price than they did five years ago.

That is the conclusion of the latest research from Halifax Estate Agents, which has tracked sales of homes across England Wales using Land Registry figures.

In the year ending June 2007 more than 6,100 homes sold for more than £1 million, compared to just 2,249 in the year ending June 2002, despite the hefty mortgage needed for such lavish properties.

With a total of 88,000 homes inn the UK now thought to be worth more than £1 million, the figures underline the growth across the market as a whole.

Colin Kemp, Halifax Estate Agents managing director, commented: "Million pound property sales are now taking place right across England and Wales and not just in inner London.

"At the same time, million pound property clusters are emerging. In London, million pound sales are centred on Kensington and Chelsea."

Indeed, the two prestigious south-west London postcodes are among the reasons why the capital is ranked number one by region in terms of million-pound sales.

Other popular regions include the north-west, where Cheshire - home to a large number of wealthy executives and Premiership footballers - has a cluster of high-value properties.

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