8 June 2014
Unsurprisingly, it is the London housing market juggernaut that yields the largest crop of millionaire pads.
However, with a total market share of 58 per cent (3,555 sales) in June 2007 compared to 68 per cent in 2002, the Capi
Halifax notes that the share has doubled to six per cent over the year in the northern regions of the West Midlands, East Midlands, Yorkshire and the Humber, the North West, the North and Wales.
Of these regions, the North West recorded the most million pound sales in 2007, with a total of 190. Outside London, the best-performing region was the South East with 1,916 top bracket sales.
Nationwide, Wales that had the lowest number of million plus sales during 2007, but the 13 seven-figured transactions completed over the year was a far cry from the days of 2002 when no properties managed to break into millionaire territory.
£1 Million Not So Exclusive
Of course, with the high house price rises recorded since 2002, it's not really surprising that a million pound price tag is becoming more commonplace.
Indeed, 33 per cent of all postcode districts in England and Wales contained at least one million pound plus sale over the past year compared to just 17 per cent in 2002.
Overall, the proportion of these seven-figure sales has risen from 0.2 per cent of all property sales to 0.5 per cent over the five year period.
And given the propensity for £1 million properties, £2 million plus sales have subsequently been recorded in every region but Wales over the last year with London holding the highest proportion with 73 per cent of the market share.
Colin Kemp, Managing Director at Halifax Estate Agents, commented:
"Million pound property sales are now taking place right across England and Wales and not just in inner London.
"At the same time, million pound property clusters are emerging. In London, million pound sales are centred on Kensington and Chelsea.
"In London, million pound sales are centred on Kensington and Chelsea. There are other clusters around Cobham, Esher and Weybridge in Surrey and around Altrincham, Macclesfield and Wilmslow in Cheshire."