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Million-pound property sales rose 36% last year

Burgeoning house price inflation fuelled a significant increase in the sales of million-pound properties last year, new data has shown. Over the course of 2007, 8,257 properties costing £1 million or more were sold, according to research from Halifax. This represents a rise of 36 per cent compared with the figure of 6,057 recorded in 2006. The areas posting the highest number of sales of high-value property were London and the South East, with the west London borough Kensington and Chelsea alone accounting for 961. Conversely, the region with the lowest number of sales was Wales with just 19 properties worth over £1 million sold over the year. Gordon Edwards, managing director at Halifax Estate Agents, commented: "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 £1m sales."

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