Rise of the £1 million towns

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Britain is starting to gain its first “million pound towns” as property prices continue to push upwards, a report has found.

Lloyds Bank said that, for the first time, several areas outside London are now starting to see average property prices edge over the £1 million mark.

A property in Virginia Water in Surrey, with its stunning lake views, will cost £1.16m typically, while buyers wanting to live in Cobham, also in Surrey, will need to pay £1.04m for a home, making it Britain’s second most expensive town.

Meanwhile, a home in Beaconsfield, nestled on the edge of the Chiltern Hills in Buckinghamshire, will now cost a buyer just over £1m typically.

Some 5,599 £1m property sales took place in the first six months of 2015 – of which one in 10 took place in the London borough of Kensington and Chelsea and nine per cent took place in Westminster.

Two-thirds of all property sales in the first half of this year were in London.

The figures show that eight times as many £1m-plus properties were sold in St Albans in Hertfordshire in the first half of 2015 than the number sold in Wales. In St Albans, 73 such sales took place, with nine in Wales.

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