Nationwide Building Society figures show ‘ordinary’ house prices fell by an average of 0.7 per cent this month, indicating the emergence of a two-tier housing market.
Land Registry data reports nearly 3,000 properties were sold for more than £1m– an increase of 118 per cent from the year before.
Nine in 10 of the million-pound-plus sales were located in London.
While properties in this bracket of the housing market account for less than one per cent of the total across Britain, they represent nearly 4.5 per cent of the market in the capital.
And this figure is rising; the number of millionaire mansions in London increased by 134 per cent.
The Land Registry data demonstrates that seven-figure sales are becoming more commonplace in the capital despite falling prices elsewhere across the country.
This is said to be a result of London’s prominent position in global financial services and reputation for fair treatment of foreigners in law and taxation.
Kensington and Chelsea, Hampstead and Highgate are said to be the most prominent places that are pleasant and safe places to park wealth.
Visit Benham and Reeves London letting agent at www.brlets.co.uk, Freephone 0800 092 9656; or email: manage@brlets.co.uk.