UK Money News
12th May 2008
London's dominance of £1m-plus property market weakens
London's dominance of sales of million-pound properties is weakening, a new survey has shown.
Figures from Halifax reveal that last year 56 per cent of all sales of properties worth £1 million or more were in the capital.
This is significantly down from the figure recorded in 1997 when 77 per cent of such homes were located in London.
However, London still boasts the area with the most sales of million-pound properties in the form of Kensington and Chelsea, which recorded 961.
Gordon Edwards, managing director at Halifax Estate Agents, said: "Although there has been a marked increase in the number of million pound property sales over the past decade, a small number of local authority areas in London continue to account for the significant majority of £1 million sales.
"Nonetheless, London's share of all million pound property sales has declined over the past ten years, with a number of million pound property clusters appearing in the South East around places like Elmbridge and South Buckinghamshire."
The area outside London experiencing the highest number of sales was Elmbridge in Surrey with 335.
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