Million pound property sales increase in UK

Million pound property sales in the UK have increased by 36 per cent, according to new statistics.

The Halifax Estate Agents Million Pound Property Report has found that some 8,257 such properties were purchased in 2007, with 78 per cent of those being sold in London and the south-east.

Kensington and Chelsea witnessed the highest proportion of sales, with a total of 961 bought last year alone. Similarly, London claimed 68 per cent of the two million pound plus properties.

Gordon Edwards, managing director at Halifax Estate Agents, commented that although there has been a marked increase in the number of one million pound properties sold in the UK, London has experienced a decline.

"London's share of all million pound property sales has declined over the past ten years, with a number of million pound property clusters appearing in the south-east around places like Elmbridge and South Buckinghamshire," he said.

According to the Halifax House Price Index for April, some of the biggest house price increases were experienced in Greater London with a 1.6 per cent rise.

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