Rise in million pound properties

Published: May 12, 2008

A new study shows that the number of million-pound properties in the UK rose markedly between 2006 and 2007.

The Halifax Estate Agents Million Pound Property Report reveals that the number of properties sold for £1 million or more increased by 36 per cent year-on-year.

Buyers need to get the best mortgage deals when purchasing properties of these values but the report found that specific regions are more likely to house such expensive properties.

A total of 78 per cent of million-pound properties are found in London and the south-east but the capital's dominance of the market is waning.

"Although there has been a marked increase in the number of million pound property sales over the past decade, a small number of local authority areas in London continue to account for the significant majority of £1 million sales," said Halifax Estate Agents managing director Gordon Edwards.

"Nonetheless, London's share of all million pound property sales has declined over the past ten years, with a number of million pound property clusters appearing in the south-east around places like Elmbridge and South Buckinghamshire," he continued.

The best mortgage deals are needed when buying expensive properties and Kensington & Chelsea was found to have the most £2 million properties.