Britons see more £1m sales

The number of homes worth at least £1 million being sold on the UK property market has seen a near-threefold increase over the past five years, Halifax has said, with such rises being even more pronounced in some districts.

The estate agency has said that sales of such properties outside the south of England have more than doubled in the past two years alone, with 393 million pound sales in the north, the Midlands and Wales in the year to June 2007 comparing with just 194 in the year to June 2005.

London still accounts for 58 per cent of £1 million home sales, the study noted, but this has fallen from a figure of 68 per cent seen in 2002. In total, one third of all postcode districts across the UK and Wales saw a property sell for at least £1 million over the past 12 months.

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

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


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