Rise in millionaire households

Posted: 12 May 2008 11:40:14 GMT

A new report has revealed a substantial rise in the number of UK properties sold for at least £1 million.

A new report has revealed a substantial rise in the number of UK properties sold for at least £1 million.

According to Halifax Estate Agents, there was a 36 per cent rise in the number of million-pound properties sold between 2006 and 2007.

The majority, 78 per cent, were in London and the south-east, with Kensington & Chelsea the place where most million-pound properties were sold.

However, Gordon Edwards, managing director at Halifax Estate Agents, pointed out that the capital's dominance of the market is slipping.

"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," he explained.

"Nonetheless, London's share of all million pound property sales has declined over the past ten years, with a number of million pound property clusters appearing in the south-east around places like Elmbridge and South Buckinghamshire," continued Mr Edwards.

The latest Halifax House Price Index showed that property prices in the UK fell by 1.3 per cent in the month to April.

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