Home > Loan news archive > Loans up as £1m homes increase

Loans up as £1m homes increase

31 May 2005

Million pound properties have being selling at a much faster rate, according to research by Halifax.

It says sales in 2004 were up 36 per cent compared with 2003.

That works out at 4,331 million pound property sales last year against 3,188 in 2003.

Over the last ten years the number of sales valued at £1 million and above has risen 19-fold from 228 in 1995 to 4,331 in 2004.

"The number of properties sold for over a £1 million resumed its strong upward trend last year," commented chief economist at the Halifax, Martin Ellis.

"While London leads the way, expensive properties are becoming a more common feature elsewhere in the UK too.

"In fact," Mr Ellis added, "there were sales of at least one million pound property in 244 local authority districts across the UK last year."

In total there are now around 47,500 properties in Britain valued at least £1 million.

In London alone it is estimated that 29,150 properties are now valued above £1 million compared with just 2,600 in 1995.

Eight London boroughs were included in 2004's top ten, with Kensington & Chelsea leading the pack.