There is still a rise in the number of properties being sold in the UK which are worth over £1m, the bulk of which are still sold in London, according to the latest £1m property Halifax survey.
Data compiled from Land Registry and Registers of Scotland figures reveals sales of million pound properties across Britain in the first half of 2004 were up 61% than the same period last year, as just under 2,000 million pound properties were sold compared with 1,200 in the first half of 2003.
Not only have million pound properties sold but £2m sales were over 50% higher in the same period, as the number of £2m deals crossed 300.
London is still raking in most of the big deals, as large property deals in London account for two thirds (64%) of those sales but increase the stronghold when tied with the South east to take 87% of all sales over £1m.
One in three of all million pound plus property sales nationally in the first six months of 2004 were in two London boroughs - Kensington & Chelsea (391 sales) and the City of Westminster (243 sales).
In this same period, ten local authority districts also saw their first million pound property sales:
Despite the growth of million pound properties, the Halifax survey also indicates such sales only make up 0.3% of the housing market, increasing to 1.5% in London.
That means there are now approximately 43,000 properties valued at over £1m.IFAonline
No preferred charging model
To 1,552 families and businesses
HL and Liberty SIPP slowest
Lifetime and annual allowances