New Info Sales of properties worth £1 million and over have risen by 118 per cent in the past year, according to new figures from Halifax. It was also found that London saw the biggest percentage increase in million pound sales and that the West Midlands, south-east and East Anglia also experienced a doubling of house prices.
Although sales over £1 million represent a tiny proportion of the British property market as a whole, shares of all sales have risen from 0.5 per cent in the first six months of 2009 to 0.9 per cent in the same period of 2010.
Martin Ellis, Halifax housing economist, said: "The increase reflects both strong demand from wealthy foreign buyers looking to benefit from the weakness in sterling and the relatively strong performance of the housing market in London and the south-east over the past year."
This comes shortly after news that property asking prices jumped by three per cent in October 2010, with the average home price increasing by £7,000.
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