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08 June 2006
The number of properties valued at £1 million or more has grown dramatically since 1995, a new survey shows.
Between 1995 and 2005, the number of pricey properties falling into this bracket has increased by twenty times, with an estimated 66,600 properties now in Britain.
Properties valued at £1 million or more were appearing across the nation, with London's share of million pound sales dropping from 79 per cent in 1995 to 58 per cent in 2005, reveals data from the Halifax.
Outside of London, the south-east and the east of England, Poole in Dorset had the highest number of million pound sales, with Midlothian in Scotland, Trafford in Greater Manchester and Macclesfield in Cheshire following close behind.
However, London districts Kensington & Chelsea and the City of Westminster still topped the million pound sales list, with Camden following close behind.
"Despite the substantial increase in £1 million 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 chief economist at the Halifax, Martin Ellis.
"Even in London, where sales in this price bracket are far more frequent, £1 million sales represented only two per cent of total property sales last year."
If high house prices are affecting you and your current credit commitments, order your credit report and make sure you're up to date.
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