Halifax finds £1 million property sales are on the up

www.moneynews.co.uk > Housing market > Halifax finds £1 million property sales are on the up

Halifax finds £1 million property sales are on the up

Mon 12th May 2008

The number of million pound property sales in the UK rose by 36 per cent last year, according to new research from Halifax.

It found that 78 per cent of the 8,257 million pound property sales in 2007 were in London and the south-east, with Kensington and Chelsea recording the highest number.

However, London's share of properties in England and Wales selling for £1 million has declined from 77 per cent in 1997 to 56 per cent ten years later.

Scotland recorded the biggest annual increase in million pound property in 2007, rising by 138 per cent, closely followed by the north-east, with 136 per cent.

Gordon Edwards, managing director of Halifax Estate Agents, commented: "Although there has been a marked increase in the number of million pound property sales over the past decade, a small number of local authority areas in London continue to account for the significant majority of £1 million sales."

The bank's latest price index found that UK prices fell by 1.3 per cent in April.

Related News : Housing market
	Nationwide housing market report 'shows little progress'
	Nationwide housing market report suggests people value rail proximity
	Halifax housing market study 'shows slowdown in price growth'
	Positive news for 'nearly all' UK regions, according to Nationwide housing market document
	Nationwide housing market research 'shows stable picture'
	Firstrung: Abolition of Hips 'has had no impact on housing market'
	CIH: Parents question children's ability to take out a mortgage
	Rightmove: UK house price growth slowing down
	Halifax highlights popularity of coastal properties
	Santander claims HIPs were 'headache' in the housing market

Related News : Halifax
	Halifax reveals affordability boost for first-time buyers
	UK house prices fall in August, says Halifax
	People pay out 7m per year due to 'cowboy' traders, claims Sainbury's
	Tighter times mean British households go bargain hunting, claim Halifax
	Halifax announces longest ever balance transfer credit card deal
	Lenders see ten-month high in first-time buyer mortgages
	First Direct launches new fixed-cap tracker mortgage
	Housing affordability for first-timers at 8 year high, claims Halifax
	NLA survey reveals landlords jittery over possible rate increases
	Halifax: Not enough people are saving for home deposits