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Million-pound property sales 'more than double'
26/10/10
Edited by Bob Witham.The number of homes selling for at least £1 million has more than doubled in 2010, according to new research from Halifax.
According to the mortgage lender, 2,992 houses changed hands for a seven-figure fee in the first six months of this year, up 118 per cent on January to June 2009.
The growth in million-pound transactions far outstripped the increase in overall residential property sales, which grew by 27 per cent over the same period.
Halifax said homes worth more than £1 million accounted for 0.9 per cent of all housing deals, up from 0.5 per cent in the first half of last year.
Almost nine out of ten transactions involving these high-end homes during the opening six months of 2010 were in London and the south-east.
Indeed, Halifax housing economist Martin Ellis said a "small number" of neighbourhoods in the capital had been responsible for the "vast majority" of £1 million sales.
According to the lender, the average price of a UK home stood at £162,098 in September.
