Prime property unaffected by crunch

Prime houses and flats for sale in London have not been harmed by the property downturn, new research has indicated.

According to the latest report by Halifax some 8,257 properties worth £1 million or over were sold across Great Britain in 2007, almost eight tenths of which were located in London and the south-east.

Kensington & Chelsea estate agents recorded the largest number of million pound property sales, with 961 homes swapping hands throughout the year even as the credit crunch began to sink in.

Expensive houses and flats for sale in Westminster also fared strongly, with some 694 properties going under the hammer in 2007.

"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 £1 million sales," explained Gordon Edwards, managing director at Halifax Estate Agents.

Nationwide, there were there were over 1,500 sales of properties costing two million pounds or above in 2007 - two thirds of which were within London.

News posted on 12th May, 2008