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Number of million pound properties triples

The number of properties selling for a million pounds or more has almost tripled in the last five years, according to research from Halifax Estate Agents.Some 6,170 homes were sold for over a million in England and Wales in the 12 months up to June 2007, compared to just 2,249 for the corresponding period five years ago - and there are now an estimated 88,000 homes with a six-figure-plus value.London accounted well over half (58 per cent) of million pound property sales in the last year, a ten per cent drop from five years ago, showing that the rest of the country is starting to catch up - a third of postcode districts saw million pound sales in the last year."Million pound property sales are now taking place right across England and Wales and not just in inner London. "At the same time, million pound property clusters are emerging," said Colin Kemp, managing director of Halifax Estate Agents. He added: "In London, million pound sales are centred on Kensington and Chelsea. "There are other clusters around Cobham, Esher and Weybridge in Surrey and Altrincham, Macclesfield and Wilmslow in Cheshire." The number of sales of property for £2 million and over is also up - reaching 1,000 for the year to June 2007, with 73 per cent of those sales taking place in London.

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