Million pound houses more common

A new study highlights the gulf that exists between first-time buyers (FTBs) and current property prices in England and Wales.

According to Halifax Estate Agents, the number of homes which sold for £1 million or more has increased threefold in the last five years.

The report shows that 6,170 sales of this value were recorded in the year leading to June 2007, up on the 2,249 recorded in 2002.

Traditionally, these sorts of prices were largely limited to London, but the study shows that the capital city is no longer as dominant as it once was.

London accounted for 58 per cent of the market in 2007, down on the 68 per cent figure seen five years ago.

It shows that house prices are rising across the board in England and Wales and this is bad news for FTBs.

"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," said Halifax Estate Agents managing director Colin Kemp.

"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," he continued.

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