Number Of Million Pound Sales Increased Three Times In The Past Five Years
25 Sep 2007
New research from Halifax Estate Agents highlights that there has been an almost three-fold increase in the number of million pound property sales in England and Wales over the past five years. There were 6,170 home sales above one million pounds over the year to June 2007. This compared to 2,249 one million pound sales over the year to June 2002. There are now an estimated 88,000 homes valued above £1 million in England and Wales based on the number of million pound sales in the past year.
More than half of all million pound sales are in London but share is falling
London accounted for 58% (3,555) of all million pound property sales over the year to June 2007. London's share of all million pound sales in England and Wales has, however, fallen from 68% (1,529) five years ago. The northern regions* accounted for 6% (393) of all million pound property sales over the year to June 2007. This is double the proportion five years ago when sales in the north represented 3% (71) of the total.
One-third of postcode districts had million pound sales in the last year
33% (685) of all postcode districts in England and Wales had at least one million pound home sale in the past year. This is nearly double that five years ago: 17% (365) of districts. In London, 59% (133) of post code districts had million pound sales in 2007. A similar proportion - 57% (280) - of districts in the South East had at least one million pound sale. Outside the south of England, 15% (154) of post code districts had million pound sales in the year to June 2007, compared with just 4% (44) five years ago.
Million pound sales outside the south of England has more than doubled over the past two years
There were 393 million pound sales in the north (North, North West, Yorkshire & the Humber, East Midlands, West Midlands, Wales) in the year to June 2007. This compared to only 194 for the year to June 2005.
5% of all postcodes account for 70% of million pound sales
One hundred postcode districts – 5% of the total - accounted for 70% of all million pound property sales (4,349) over the year to June 2007. SW3 in Chelsea had the most million pound sales over the past year (200), followed by SW7 in South Kensington (196), W8 in Kensington (196) and SW6 in Chelsea (166). Outside London, the most million pound sales were in KT11 in Cobham in Surrey (65).
Altrincham and Macclesfield have most million pound sales in northern England
Outside the south of England, the most million pound sales last year were in WA15 (32) and WA14 (25) - both in Altrincham - SK10 in Macclesfield (21) and SK9 in Wilmslow (16). All these postcode districts are in Cheshire.
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