Homes for 1m have slumped

The number of homes priced at more than £1m has fallen by a third during the past two years, research showed yesterday. About one in every 97 properties in the UK was worth at least seven figures before the housing market slump kicked off, but the figure has now fallen to around one in every 150, the property market website said. Overall, the group estimates that there are now 35 per cent fewer properties worth at least £1m than there were in November 2007, when house prices first started to fall. Unsurprisingly, London has seen the smallest reduction in the number of properties valued at £1m or more.