Million pound home sales double

Sam Jackson

October 25, 2010

November 13, 2018

Million pound home sales double

More than twice as many homes worth over £1 million have been sold in the UK during the past year, research suggests.

Figures from Halifax have shown that 2,992 properties were sold for at least a seven-figure sum during the first six months of 2010 in the UK. This was 118% more than were sold in the same period during 2009.

This is still 18% lower than during the first six months of 2007, but the increase for million-pound properties was much higher than the housing market as a whole, where just 27% more homes changed hands.

Around 170,000 homes in the UK are worth at least £1 million, but sales of these properties made up just 0.9% of transactions - up from 0.5% in the first half of 2009.

In London, million-pound properties represented 4.5% of all transactions - the highest proportion in the UK.

London also saw the biggest percentage increase in million-pound sales, reporting a rise of 134%. The second highest rise was in the West Midlands at 127%, followed by the South East with 112% and East Anglia with 100%.

In Wales, there was a year-on-year decline of 25% for seven-figure sales, and in the North they dropped by 50%. In both areas, the number of sales was in single digits in 2009 and 2010.

Sam Jackson

Money Dashboard

Subscribe for updates

Get the latest posts delivered right to your inbox

Success! Keep a look out in your inbox!
Oops! Something went wrong while submitting the form.