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Boom in million pound sales

Friday, 21 September 2007 12:00 AM

There has been a three-fold increase in the number of properties being sold for a million pounds or more in England and Wales over the previous five years, according to new research released today.

In the 12 months to June this year 6,170 homes were sold for over a million. This compares with 2,249 sales of similar value made in the 12 months before June 2002, according to Halifax Estate Agents.

There are now 88,000 homes valued at over one million pounds in England and Wales according to the organisation.

London accounted for 58 per cent of all sales over one million pounds, with some 3,555 properties passing the benchmark.

The capital's share of the market has, however, fallen.

Five years ago the capital accounted for 68 per cent of sales - 1,529 properties.

In contrast the north of England has doubled its share of one million pound sales from three to six per cent over the same period.

Some 685 post codes (33 per cent) have witnessed a million pound sale in the last twelve months, nearly double the 365 (17 per cent) recorded five years ago.

"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 Agents.

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

"There are also other clusters around Cobham, Esher and Weybridge in Surrey and around Altrincham, Macclesfield and Wilmslow in Cheshire."

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