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Pricey properties continue to sell well
13 May 2008 11:30
There was a sizeable increase in expensive property sales last year, according to new figures, while the capital's dominance of the sector weakened slightly.
The number of houses sold for over £1 million rose by 36 per cent to 8,257 last year, Halifax's data showed, which was in contrast to a nine per cent fall in all property sales, although these costly transactions still accounted for just 0.6 per cent of all purchases.
London accounted for 4,407 million-pound property sales, more than any other region, but this was only up by 25 per cent on the volume sold in 2006, whereas the numbers of these sales in Scotland, the north-east and the East Midlands all more than doubled.
Yet the capital still contained eight of the ten local authorities with the most million-pound house purchases, with Kensington and Chelsea topping the list, while Elmsbridge in the south-east had the most of these sales outside London, followed by Edinburgh.
Halifax's Gordon Edwards noted that a few London local authority areas continue to account for most million-pound property sales, but that their share has declined over the past decade as small clusters of these transactions appear around the south-east as well.
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