Million pound home sales down a quarter

The number of properties sold for more than 1 million plunged by more than a quarter during the first half of 2005, according to new figures.

02:59 17 September 2005

The number of properties sold for more than 1 million plunged by more than a quarter during the first half of 2005, according to new figures.

Sales of exclusive properties in Britain were 26 per cent down during the first six months of this year, compared with the same period last year.

Some 1,508 properties changed hands, down from 2,033, according to Halifax.

During 2003-2004, the number of homes sold in the "uppermost sector" of the residential property market rose 36 per cent.

But in H1 2005, Greater London and the South East saw the greatest fall in the sale of million-pound homes, with 519 fewer homes sold.

London boasts an estimated 33,000 million-pound-plus homes, compared with just 2,600 in 1995.

There are some 53,400 properties in the UK as a whole valued at more than 1 million, up from just 3,400 a decade ago, Halifax said.

Although modest declines were also noted in the South West, North West, East of England, Wales, and Yorkshire and the Humber regions, Scotland saw a 122 per cent rise in sales of seven figure properties, rising from just 18 last year to 40 during the first half of this year.

At least one property valued at more than 1 million was sold in 176 local authority districts during the same period.

Sales of 1 million homes made up just 0.4 per cent of all properties sold during the period, Halifax said. Sales made up two per cent of the London market.

Despite the falls in London, Martin Ellis, Halifax's chief economist, said the "uppermost sector" had held up "relatively well".