Three-fold rise in million pound property sales

There has been an almost three-fold increase in the number of million pound property sales in England and Wales over the past five years, according to research from Halifax Estate Agents.

There were 6,170 home sales above one million pounds over the year to June 2007. This compared to 2,249 one million pound sales over the year to June 2002. There are now an estimated 88,000 homes valued above £1 million in England and Wales based on the number of million pound sales in the past year.

More than half of all million pound sales are in London but share is falling

London accounted for 58% (3,555) of all million pound property sales over the year to June 2007. London's share of all million pound sales in England and Wales has, however, fallen from 68% (1,529) five years ago. The northern regions accounted for 6% (393) of all million pound property sales over the year to June 2007. This is double the proportion five years ago when sales in the north represented 3% (71) of the total.

One-third of postcode districts had million pound sales in the last year

33% (685) of all postcode districts in England and Wales had at least one million pound home sale in the past year. This is nearly double that five years ago: 17% (365) of districts. In London, 59% (133) of post code districts had million pound sales in 2007. A similar proportion - 57% (280) - of districts in the South East had at least one million pound sale. Outside the south of England, 15% (154) of post code districts had million pound sales in the year to June 2007, compared with just 4% (44) five years ago.

Million pound sales outside the south of England has more than doubled over the past two years

There were 393 million pound sales in the north in the year to June 2007. This compared to only 194 for the year to June 2005.

North, North West, Yorkshire & the Humber, East Midlands, West Midlands, Wales

5% of all postcodes account for 70% of million pound sales

One hundred postcode districts – 5% of the total - accounted for 70% of all million pound property sales (4,349) over the year to June 2007. SW3 in Chelsea had the most million pound sales over the past year (200), followed by SW7 in South Kensington (196), W8 in Kensington (196) and SW6 in Chelsea (166). Outside London, the most million pound sales were in KT11 in Cobham in Surrey (65).

Altrincham and Macclesfield have most million pound sales in northern England

Outside the south of England, the most million pound sales last year were in WA15 (32) and WA14 (25) - both in Altrincham - SK10 in Macclesfield (21) and SK9 in Wilmslow (16). All these postcode districts are in Cheshire.

Million pound property sales (6170) accounted for 0.5% of all home sales (1.15 million) in England and Wales over the year to June 2007. Over the year to June 2002 one million pound plus sales accounted for 0.2% of all home sales. In London, 2.4% of home sales were million pound sales in 2007, compared with 0.9% in 2002.

By region, the most million pound sales are in London (3,555) and the South East (1,916). Outside of the south of England, the most million pound sales are in the North West (190).

Each region of England and Wales had more than ten postcode districts where there was at least one sale of over a million pounds during the year to June 2007. The South East (280) and London (133) had the most districts with million pound sales. The regions with the least postcode districts with million pound sales were Wales (11) and the North (13).

There are an estimated 88,000 properties valued above £1 million in England and Wales. Five years ago, an estimated 30,000 homes in England and Wales were valued above £1,000,000.

The number of sales above £2 million topped 1,000 for the year to June 2007 at 1,067. 73% of all sales over £2 million were in London (781). Each region, bar Wales, had at least one two million pound sale last year.

The post code districts with the most two million pound sales were SW3 in Chelsea (100) and W8 in Kensington (73).

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. There are other clusters around Cobham, Esher and Weybridge in Surrey and around Altrincham, Macclesfield and Wilmslow in Cheshire."