Everest industry news
Boom in million pound property sales
16 May 2008
The number of homes sold for more than £1 million rose by more than a third in 2007, new Halifax research reveals.In all, 8,257 million pound properties changed hands across the UK last year, compared to 6,057 in 2006. These top properties accounted for just 0.6 per cent of all sales.
Almost four in five of these homes were in London or the south-east, though the capital's share of million pound property sales has fallen to 56 per cent, from 77 per cent in 1997.
Nevertheless, the London boroughs of Westminster and Kensington & Chelsea accounted for a fifth of the total number of million pound property sales last year.
"Although there has been a marked increase in the number of million pound property sales over the past decade, a small number of local authority areas in London continue to account of the significant majority of million pound sales," commented Gordon Edwards, managing director of Halifax Estate Agents.
The number of homes in London sold for £2 million or more rose by 49 per cent in 2007, totalling 1,508 and accounting for 67 per cent of all sales in this price range across Great Britain last year.
Buyers can expect these top properties to feature the latest green technologies to minimise environmental damage, including insulation, modern boilers and heating systems and double glazing.
Modern double glazing can be fitted in existing frames to retain the character and history of older properties, while helping to reduce fuel bills and limit the impact of outside noise.
