The Million Pound Property Report, which uses Land Registry and Registers of Scotland figures, revealed that 4,331 million pound properties were sold in 2004 compared to 3,188 in 2003.
The research also revealed that over the last decade the sale of such properties has risen dramatically from the 1995 figure of 228.
London thrived in 2004, selling 724 more million pound properties than in the previous year. But despite accounting for almost 60 per cent of all million pound sales, London’s share has decreased as other regions attain sales in the exclusive price bracket.
28 districts saw their first million pound property sales during 2004, including Coventry and Liverpool. But despite this, some brokers remained unimpressed.
Tony Corrigan, managing director of Manchester-based Classic Network Solutions, said: “You can buy a street up here for a million pounds while people spend that on handbags down South.”
Despite the increase in sales outside London, the capital has retained its reputation among the UK’s most expensive areas and it is likely to stay that way.
Kevin Duffy, managing director of Hamptons International Mortgages in London, said that million pound properties were a mainstay of his company and this would continue to be the case.
He said: “The number of sales will increase; they certainly won’t decrease. The high end of the market is insulated against factors which cause problems for first-time buyers and also has interest from overseas buyers. As long as the location is right, properties will remain at high prices.”
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