Big rise in £1m homes

From the archive, first published Friday 23rd Mar 2007.

Millionaire's row has continued its expansion in Bradford, according to latest figures.

Soaring property prices have seen the number of homes being sold for more than £1 million rise significantly in the area in past years.

In 2006 five homes in Bradford fetched six-figure sums - the highest number in five years.

The figures broken down by local authority area, show in 2001 only one property sold for more than £1m, as was the same in 2002. The following year saw two properties sell but none were sold in 2004.

Three properties were sold in 2005 - increasing to the five last year.

It will again be seen as a further sign of the growing divide between housing haves and have-nots as rocketing prices push properties beyond the reach of would-be first-time buyers, and the impact this has on local communities.

The key problem is the widening gap between house prices and earnings, which are below the national average in the region.

Bradford West MP Marsha Singh welcomed the official Land

Registry figures.

He said: "It is great rich people are living in Bradford as they put money back into our local economy. I have lived in Bradford all my life and I would not have it any other way. We are seeing regeneration across Bradford city centre, and we are looking forward to the park in the heart of the city and the renewal of the canal.

"We are a much cultured society which brings richness and diversity to the area and a friendly way of life and it is no surprise people want to live there."

Last year a Halifax report reported the number of properties in the UK valued at a million pounds or more was 20 times higher than it was ten years ago.

There are now 66,600 homes valued in excess of £1m in the UK, up from 3,400 in the mid-1990s.

Just 50 local authorities saw a million pound domestic property deal done in 1995 compared to 238 last year, 60 per cent of local areas of the country.

The figures come after the long-awaited Lyons report into council tax was published on Wednesday.

Sir Michael Lyons recommended the creation of two extra council tax bands - one at each end of the house price spectrum.

The revaluation of all properties that would accompany the change has sparked nervousness in the south, where booming house prices mean many would face higher bills.

But the huge benefit to the people in Yorkshire and Humber of adding extra bands was revealed in modelling carried out for Sir Michael's interim report, published 15 months ago.

Across the region, 47 per cent of homes would move down to the new lower band, while only 12 per cent would move up to the fresh upper band, it found.

Start or join a debate on this issue in our online forum - Click here