Halifax research suggests larger mortgages may be on the up

Date:Tuesday 26th October 2010
Author: Susanna Kavka

A study by Halifax has found that the number of transactions involving houses worth at least £1 million has gone up, which may mean larger mortgages are also growing in popularity.

Martin Ellis, housing economist at the firm, suggested the report indicates the presence of wealthy foreign buyers in the market.

The Halifax Million Pound Property Report showed the number of such pricey homes that exchanged hands in the first six months of the year was 118 per cent up on the same period in 2009.

Mr Ellis noted that the weakness of sterling may also have helped to boost transactions.

"The sizeable rise in the number of million pound properties sold over the past year has been driven by a small number of London neighbourhoods," he claimed.

This month, Halifax also released data showing that 53 per cent of parents are not willing to seek information on how they can best help their children get on to the property ladder.