Million pound property sales rose by 36% in 2007

Million pound property sales in Great Britain rose by 36% in 2007, contrasting with the 9% fall in total property sales over the year, according to research from Halifax Estate Agents. However, million pound properties still accounted for just 0.6% of all property sales in 2007. Last year, 8,257 million pound properties were sold across Great Britain, up from the 6,057 sales in 2006.

Scotland records the biggest annual % increase in million pound property sales

Scotland delivered the fastest growth rate in million pound property sales over the past year, rising by 138% from 144 sales in 2006 to 343 in 2007. The North East, at 136%, recorded the second highest rate of growth, followed by the East Midlands (111%). At the other end of the scale, London recorded the slowest rate of growth (25%) despite recording the largest increase in the number sales of the past year, followed by the East of England (30%).

78% of million pound properties sold in 2007 were in London and the South East

London, with 4,407 sales, recorded the largest number of million pound properties sold in 2007, making up 53% of all million pound property sales in Great Britain. The South East had the second highest number of sales (1,998) followed by the East of England (577). Together London and the South East accounted for 78% of the total number of million pound properties sold last year.

Northern regions account for 11% of million pound property sales in 2007

Regions in the north of Great Britain recorded 899 sales of million pound properties in 2007, accounting for 11% of the total number of million pound property sales. There were 470 sales above £1m in the north in 2006, accounting for 8% of the national total. Scotland, with 343 sales, recorded the highest number of sales in the north. Wales, at just 19 properties, had the smallest number of million pound properties sales.

Kensington & Chelsea and Westminster account for a fifth of the million pound properties sold in 2007

In 2007, 961 properties were sold for at least one million pounds in Kensington & Chelsea, the highest number across Great Britain at a local authority (LA) level. Westminster, at 694 properties, recorded the second highest number of sales. Together Kensington & Chelsea and Westminster accounted for 20% of the total number of million pound properties sold last year. Eight of the ten local authorities with the highest number of million pound properties were in London.

Seven of the ten LAs with the most million pound property sales outside London are in the South East

Elmbridge in Surrey recorded the greatest number of million pound property sales outside Greater London in 2007 with 335 sales. Edinburgh (148) and South Buckinghamshire (132) had the second and third highest sales of million pound properties. Six of the ten LAs with the most million pound property sales outside London are located in the South East, the exceptions apart from Edinburgh are Poole in the South West (85), St Albans in the East (81) and Macclesfield in the North West (80).

Edinburgh has the most million pound property sales in the northern regions

Among the local authorities in the northern regions of Great Britain, the most million pound sales last year were in Edinburgh at 148 properties, 85% more than Macclesfield (80) which recorded the second highest number.

TEN YEAR COMPARISON (ENGLAND AND WALES ONLY)

Thirteen fold increase in the number of million pound properties sales in England and Wales since 1997

There were 7,914 sales of properties costing at least one million pounds in 2007, a thirteen fold increase on the number sold in 1997 (622). Over the past decade, a total of 32,801 million pound properties have been sold in England and Wales. Million pound property sales accounted for 0.7% of all home sales (1.1 million) in England and Wales in 2007, compared to 0.1% in 1997.

London's has accounted for 61% of all million pound property sales in the last decade

With 20,133 sales, London recorded the highest number of million pound property sales over the past ten years by a significant margin. The South East with 7,648 million pound properties sold over the past ten years recorded the second highest number of sales followed by the East (2,111).

Kensington and Chelsea LA record the largest number million pound properties sales since 1997

At a local authority level, eight of the ten LA's with the largest number of million pound property sales over the last ten years are in London. Kensington and Chelsea, at 5,928, delivered the highest number of million pound property sales since 1997 followed by Westminster (3,880). Outside London, the majority of LAs with the highest number of sales are in the South East. Elmbridge in Surrey with 1,558 sales recorded the highest, followed by Windsor and Maidenhead (498).

Trafford delivers the highest number of million pound properties sold over the past ten years outside the south.

Among the local authorities in the northern regions of England and Wales, the most million pound property sales since 1997 were in Trafford in Greater Manchester at 245 properties. Macclesfield (231) and Harrogate (64) had the next highest number of sales. Six of the ten local authorities with the most million pound property sales since 1997 in the northern regions of England and Wales did not have a single million pound property sale in 1997.

TWO MILLION POUND PROPERTIES

67% of two million pound properties sales were in London.

There were 1,508 sales of properties costing at least two million pounds in 2007, a 49% increase on the number sold in 2006 (1012). Regionally, 67% of all two million pound properties sold were in London (1,017). The South East, at 294 two million pound property sales, recorded the second highest number of sales followed by the Scotland (66).

Kensington and Chelsea has the largest number of two million pound property sales

At a local authority level, the largest number of two million pound properties sales in 2007 was recorded in Kensington and Chelsea at 352. Westminster recorded the second highest number of sales (190), followed by Elmbridge (90). Among local authorities in the northern regions of Great Britain, Edinburgh delivered the highest number of two million pound property sales (18), followed by Trafford (11).

Gordon Edwards, Managing Director at Halifax Estate Agents, commented: "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 for the significant majority of £1 million sales.

Nonetheless, London's share of all million pound property sales has declined over the past ten years, with a number of million pound property clusters appearing in the South East around places like Elmbridge and South Buckinghamshire."