The number of home sales worth over £1 million in England and Wales has increased significantly over the last five years, according to a new report.
Based on figures produced by the Land Registry, research by Halifax revealed that there has been a three-fold increase in such sales in England and Wales since 2002.
According to the firm, the 12 months to June 2007 saw 6,170 home sales over £1 million, compared with 2,249 during the same period ending June 2002.
While 59 per cent of all million-pound property sales during the year to June 2007 were in London, Colin Kemp, managing director at Halifax Estate Agents, said there are now "clusters" of such properties in other parts of the country.
"There are other clusters around Cobham, Esher and Weybridge in Surrey and around Altrincham, Macclesfield and Wilmslow in Cheshire," he remarked.
Nationwide recently reported that the average price of a residential property in the UK reached £183,898 in August.
Find out more about UK property
© Adfero Ltd