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British Property Millionaires on the Rise

Britain’s Halifax estate agency undertook research which reveals some surprising results relating to the sale of homes in the UK that have a price tag of 1 million pounds. It showed that the number of million-pound properties sold across the UK had risen by more than a third in 2007.

It appears that the 2007 high end property market was buoyant with buyers snapping up luxury homes in the UK. The research from Halifax Estate Agents found that 8,257 properties costing a £1 million or more were sold last year, a 36% increase on the 2006 figure of 6,057.

The figures need to be taken into perspective as the number of £1 million homes sold still only accounted for just 0.6% of all property sales in 2007. However the results are surprising as the sales took place with a backdrop of US credit crisis and with the crisis with Northern Rock.

More than three quarters of the sales took place in London and the South East - traditionally the wealthiest region in the UK. The London areas of Kensington and Chelsea accounted for the largest number of million-pound property sales with 961 in total.

Outside of London, Elmbridge in Surrey recorded the greatest number of million pound sales with 335.

Scotland’s millionaire home owners increased with Edinburgh recording the highest amount of sales with 148 properties changing hands for more than £1 million.

But Wales, with just 19 property sales over the £1 million mark, had the smallest figure.

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