Property sales for £1m or more 'on the rise'

Posted: 17 Nov 2009 14:29:30 GMT

The number of properties in England and Wales that sold for £1 million or more has grown 15-fold in the last 15 years, new research has revealed.

According to HSBC, which analysed data from the Land Registry, 43,400 new property millionaires have been created via the purchase of £1 million-plus homes.

Head of retail products at the bank Andy Mielczarek said the growth in seven-figure or more house sales has been dramatic and indicated that there were 186 in 1995 and 2,800 this year.

"This growth in the number of £1 million-plus properties has been helped by the staggering 213 per cent increase in house prices over this period," he added.

Mr Mielczarek also suggested that the increase in the nation's property wealth has exceeded retail price growth by more than four times during the same period.

According to the Halifax House Price Index, the average property value in the UK was £165,528 last month.


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