According to the Halifax, an increasing number of million pound plus properties are being sold. Most are located in London and the South East. The research done by Halifax comes from Land Registry data which showed million pound plus sales had increased more than 60% over the same period last year.
Chief economist at Halifax, Martin Ellis believes that demand for expensive homes has increased following better bonus payments to London staff.
Our View
With rising property values, more and more are tipping the balance at a million pounds plus. For those in London and the South East, salaries are higher but so are mortgages. If you bought a million pound home with a mortgage, you are going to need the bigger bonuses if interest rates keep rising!