House sales over £1m double in year

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Halifax Estate Agents said there were a total of 7,076 home sales in excess of the £1 million mark during 2006, up 97% on the 3,600 recorded the previous year.

Nearly a third of postcode districts in England and Wales saw at least one housing transaction greater than £1 million last year, with London accounting for 62%.

The proportion of postcodes in which million pound homes were sold doubled from 16% to 30% between 2001 and 2006, Halifax said.

The 10 districts with the most million pound homes sold were all located in London, research revealed. SW3 in Chelsea topped the list with 306 house sales, followed by SW7 in South Kensington with 281.

The number of million pound house sales outside the south of England increased fourfold over the last two years Halifax said.

In total, there are an estimated 89,000 properties valued above £1 million in England and Wales, with 52,500 of these located in London.

The number of sales above the £2 million mark has increased by 267% over the past half decade, from 351 in 2001 to 1,287 last year.

More than 75% of £2 million house sales in 2006 were in the capital, research revealed.

Colin Kemp, managing director at Halifax Estate Agents, said: "Million pound house price sales are now occurring not just in London and the South East but in all parts of the UK."