Sales of properties worth £1m on the rise

Tuesday, November 17th 2009

New figures have revealed that sales of homes worth at least £1 million have soared 15-fold in the last 15 years.

According to Land Registry data analysed by HSBC, more than 43,400 people have become property millionaires by purchasing a home worth this amount.

When it comes to the more expensive properties, just four residential homes have been sold for more than £20 million since 1994, while 64 have fetched a price of at least £10 million.

The majority of millionaire properties sold in the last 15 years are located in Greater London, particularly in Kensington and Chelsea and the City of Westminster.

"Despite recent house price declines, the increase in the nation's property wealth has outstripped retail price increases by over four times during this period," remarked Andy Mielczarek, head of retail products for HSBC.

Earlier this month, property website Zoopla.co.uk said that there are now 183,000 home millionaires compared with 283,000 in November 2007.