Million pound sales on the rise

Posted: 24 Sep 2007 10:56:34 GMT

England and Wales has seen a threefold increase in the number of homes sold for at least one million pounds.

England and Wales has seen a threefold increase in the number of homes sold for at least one million pounds.

That is according to research published by Halifax Estate Agents, which also shows that these types of prices are not limited just to London.

The survey reveals that the number of million pound sales has more than doubled in the north of England since 2002, while London's share of the market has dropped from 68 per cent to 58 per cent in that time.

A total of 33 per cent of all postcode districts in England have seen at least one million pound sale in the last 12 months and Halifax says that the trend is growing.

"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," said Colin Kemp from Halifax Estate Agents.

"In London, million pound sales are centred on Kensington and Chelsea. There are other clusters around Cobham, Esher and Weybridge in Surrey and around Altrincham, Macclesfield and Wilmslow in Cheshire," he added.

North-eastern properties are doing extremely well at present, with a recent survey by the North East Regional Information Partnership showing that the average property price in the region was £119,000 in 2006.

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