Rise in £lm Sales

New research shows there has been practically a three-fold increase of £1m properties for sale in England and Wales.

For the year to June2007 6170 £1m homes were sold, in June 2002 only 2249 £1m properties were sold. It is now estimated that there are 88,000 homes valued at £1m in England and Wales.

More than half of these properties are in London but the share is dropping with London only accounting for 58% as opposed to 68% in 2002. The North of England now have 6% of the market, double that of 2002.

A third of all postcodes had £1m sales in the last year; in 2002 the percentage was 17%. £1m sales outside of South of England have doubled over the last two years.

5% of postcodes account for almost three quarters of £1m property sales. The highest of these were SW3 Chelsea had 200, SW7 South Kensington 196, W8 Kensington 196, SW6 Chelsea 166 and KT11 Cobham 65. In the rest of the country WA14 Altrincham 32, WA15 Altrincham 25, SK10 Macclesfield 21 and SK9 Wimslow 16 were the highest all being in Cheshire.

Million pound properties are now in all parts of England and Wales with the most notable in London, Surrey and Cheshire. Property sales over £2m exceed 1,000 in the year to June 2007. Each region, with the exception of Wales had at least one £2m pound property sale last year.