Million-pound property sales increase by 58% in 2010

Sales of properties worth £1m or more increased significantly last year, analysis from Largemortgageloans.com shows.

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Research based on Land Registry Data and carried out by the company reveals million-pound property sales rose by 58% in 2010 to 7,451, compared to a fall of 11% in 2009.

Houses of this value also increased their market share to account for 1.02% of  all property sales in Great Britain in 2010, up from 0.7% the previous year.

The greatest rise was seen in the West Midlands, with a 100% hike in million-pound property sales between 2009 and 2010, while East Anglia’s volume grew by 80% and both Greater London and the South-East’s sales by 60%.

Greater London now has a 60% share of all million-pound property sales in Great Britain, and Kensington and Chelsea is home to the highest number of such houses by local authority after its sales rose by over 40% last year.