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Million pound properties dip

by: By Edward Murray
  • 15/12/2003
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Sales of million-pound properties this year in England and Wales have been slightly down on last yea...

Sales of million-pound properties this year in England and Wales have been slightly down on last year’s figures, according to lender Halifax.

Examining data from the Land Registry, Halifax said 1,181 million-pound properties were sold in the first six months of this year, compared to 1,212 in the same period of 2002.

Yorkshire and Humber and the West Midlands saw the biggest percentage increases in the number of million pound properties sold, at 250% and 183% respectively, accounting for a total of 24 properties. The volume of top end properties sold remained in London. Although sales were down by 3%, the Capital still accounted for over 700 of the million-pound properties.

Martin Ellis, group economist at Halifax, said: “Although million pound properties still represent a very small part of the overall housing market the general rise in house prices over the past few years has had a knock-on effect on properties at the top end of the scale. The million-pound ripple effect is now reaching the north of England, highlighting the fact that 2003 in undoubtedly the year of the North.”

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