Million pound homes multiply

The number of properties in the UK worth a million pounds or more is 20 times higher today than it was ten years ago, says a Halifax report.

There are now 66,600 homes worth more than a million in the UK, up from just 3,400 in the mid-1990s.

Just 50 local authorities saw a million pound domestic property deal done in 1995 compared to 238 last year, 60 per cent of local areas of the country.

London still dominates the high-rolling home stakes however, with 58 per cent of all seven figure deals last year,

The two boroughs of Kensington & Chelsea and the City of Westminster alone have hosted 36 per cent of all million pound plus property deals over the last ten years.

“Despite the substantial increase in million pound sales over the past decade, such sales remain a tiny part of the market, accounting for only 0.4 per cent of all sales in 2005,” said Martin Ellis of Halifax.

“Even in London, where sales in this price bracket are far more frequent, million pound sales represented only two per cent of total property sales last year.”

© Adfero Ltd

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