Data shows million pound property surge

The number of homes costing a million pounds or more rose by over a third last year, according to newly compiled figures from Halifax.

Such transactions, as recorded by the Land Registry in England and Wales or the Registers of Scotland, rose to 8,257 compared with 6,057, an increase of 36 per cent.

In the case of England and Wales this represented an increase from 0.1 per cent of the total in 1997 to 0.7 per cent in 2007.

While most people would not have the wealth to aspire to owning a million pound property, the trend is one manifestation of a general rise in prices and decline in affordability.

Those unable to afford a home for this reason may find self build a cheaper alternative which solves the problem.

According to the latest Land Registry figures, the average house price in England and Wales in March this year was £184,798, a 3.6 per cent increase on a year earlier.


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