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London home of £1 million properties, says Halifax

20 September 2005
Property in London accounted for two-thirds of £1 million properties sold across England and Wales this year

The bi-annual Million Pound Property report from Halifax has revealed that £1 million sales were down by 25 per cent this year but that London and the south-east were leaders in the luxury property market, accounting for over 80 per cent of purchases.

Over 1,500 properties with a value of £1 million or over were sold in the region between January and June this year alone.

Halifax chief economist, Martin Ellis, said: "There has been a further significant increase in sales above the £1 million mark in Scotland, reflecting the ongoing strength of the market north of the border.

"Nationally the uppermost sector of the residential property market has held up relatively well with the 26 per cent fall in sales of million pound properties comparing with a 36 per cent decline in total house sales between the first halves of 2004 and 2005."

Outside London and the south-east, Poole in the south-west and Midlothian in Scotland had the highest number of sales over £1 million in the first half of 2005, with both regions selling 20 properties.

Last month a Scottish castle near Edinburgh sold for £27 million, the highest ever price paid for a home in Scotland.

According to international estate company, Knight Frank, two-thirds of UK country homes costing more than £10 million are bought by foreigners.

Edinburgh came out as the most popular area to buy a luxurious country mansion in Britain for those prepared to spend upwards of £4 million.

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