Million pound mortgages reach five year high

The number of homes sold at £1 million and above has tripled over the last five years.

£1 million pound plus mortgages in England and Wales have increased from 2,249 in June 2002 to 6,170 in June of this year, with London accounting for the highest proportion of sales at 58%.

Halifax Estate Agents surveyed 2,098 postcode districts across England and Wales, and found that 33% had recorded at least one £1 million pound property sale in the last year.

Their survey also showed that sales of million pound mortgages have more than doubled in the North of England, with the majority of these being in Cheshire.

Colin Kemp of Halifax Estate Agents, said: “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. In London, million pound sales are centred in Kensington and Chelsea, while other clusters are emerging around Cobham in Surrey and Altrincham in Cheshire”.