Drop in million pound property sales

Million pound property sales across the UK fell 26 per cent in the first six months of 2005 compared to the same period a year earlier.

The new Halifax research reflects a cooling of the market, and follows a 36 per cent rise between 2003 and 2004.

Scotland bucked the national trend with an increase in million pound property sales over the first half of 2005 compared to the same period a year earlier, while there were also small increases in north-east, West Midlands and East Midlands.

However, the biggest falls were in Greater London and the south-east, which combined accounted for 99 per cent of the overall decline in sales nationally.

Martin Ellis, chief economist at the Halifax, commented: "There has been a further significant increase in sales above the £1 million mark in Scotland, reflecting the ongoing strength of the market north of the border.

"Nationally the uppermost sector of the residential property market has held up relatively well with the 26 per cent fall in sales of million pound properties comparing with a 36 per cent decline in total house sales between the first halves of 2004 and 2005."

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