UK million-pound property sales fell by 41% in 2008 according to research from specialist large loans mortgage broker largemortgageloans.com.
Last year, 5302 million-pound properties were sold in Great Britain, down from the 9003 sales in 2007.
There were large differences between the regions of Great Britain, with the North West seeing a 50% decrease and Greater London a 44% decrease in the number of million pound property sales from 2007 to 2008.
In contrast, the North East and Scotland saw decreases of only 12% and 11% respectively. It would seem that the effects of the credit crunch have not been equally felt by regional million pound property markets.
The Greater London region recorded the highest number of million pound properties sold in 2008, with 2736 sales, 52% of the total in Great Britain, followed by the South East, with 1648 sales, 31% of the total.
Combined, 4384 out of 5302 million-pound property sales in Great Britain (83%) were in Greater London and the South East, compared with 7627 out of 9003 in 2007 (85%).
Using ten-year comparison data for England and Wales only (as data for Scotland is unavailable before 2004), 5079 million pound properties were sold in England and Wales in 2008, five times (516%) as many as were sold in 1998 (825).
Although decreasing by nearly 50% in just one year, Kensington & Chelsea has the highest number of million-pound property sales by local authority. Camden has seen a relatively small decrease of 13%.
Kensington & Chelsea was the Local Authority which saw the highest number of million pound property sales (580) in 2008, although this represented a decrease of 48% from 2007 (1106).
The two local authority areas of Kensington & Chelsea and Westminster accounted for 21% of million pound property sales in Great Britain in 2008 (1107 out of 5302). This figure has not changed from 2007.
Meanwhile, Edinburgh has the most million-pound property sales outside London and the South East.
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