Stat of the day: 7,185

The number of properties worth more than £1m that were sold last year, according to Lloyds TSB figures released this week.

by Michael Northcott
Last Updated: 09 Oct 2013
The chances of most people splashing out on a million-pound house are pretty slim, but things are getting better. The number of £1m houses sold in 2010 more than doubled compared with 2009, to 7,185. Most of these properties are (predictably) in London, with the concentration having increased after a 43% drop in million-pound-sales after 2007 left the provinces a little bereft of expensive pads.

Unfortunately, even if you do somehow scrape together a million quid, the rise has caused some inflation in the million plus market, meaning it’ll be a touch harder to break the threshold. Add to that the fact that stamp duty on houses that cost more than a million rose last month from 4% to 5%, which for the mathematicians out there, is £10,000 extra on the mortgage. Ouch.

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