The number of million-pound properties in the UK is almost 20 times higher than it was ten years ago, new research shows.
There are now some 66,600 homes in Britain worth more than a million, compared with just 3,400 a decade ago, figures released today by Halifax reveal.
You can now buy million-pound homes in more places than ever before.
In 1995 million-pound homes changed hands in just 50 local authorities across the country, while in 2005 there were 238 places in the UK where people parted with seven figures to buy bricks and mortar, equivalent to 60 per cent of the country.
London contains the most million-pound homes, with 58 per cent of sales during 2005, but the south-east, Trafford in Greater Manchester, Poole in Dorset, Macclesfield in Cheshire and Midlothian in Scotland, all had more than 100 million-plus sales in the same period.
"Despite the substantial increase in £1 million sales over the past decade, such sales remain a tiny part of the market, accounting for only 0.4 per cent of all sales in 2005, Halifax chief economist Martin Ellis, said.
"Even in London, where sales in this price bracket are far more frequent, £1 million sales represented only two per cent of total property sales last year," Martin added.
Last month, Zurich Private Clients reported that over 90 per cent of millionaires have invested in security and insurance measures to protect themselves and their families.
There has also been an increase in sales of homes worth more than £2 million with 566 £2 million homes changing hands in 2005, compared with 40 in 1995.
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Property millionaires hit 66,000
Fri, 09 Jun 2006
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