The number of home sales worth more than £1m in England and Wales has nearly trebled over the last five years, figures from Halifax Estate Agents show.
There were 6,170 home sales above £1m over the year to June 2007, compared with just 2,249 during the same period ending June 2002.
Halifax estimates that there are around 88,000 homes valued above £1m, up from 30,000 five years ago.
London accounted for 58 per cent of all million pound property sales over the year to June.
Colin Kemp, Halifax: "Million pound property sales are now taking place right across England and Wales and not just in inner London."
The capital's share of all million pound sales in England and Wales has, however, fallen from 68 per cent five years ago.
Six per cent of properties sold for more than £1m were in the North of England in the 12 months to the end of June.
This is double the proportion five years ago when sales in the region represented only 3 per cent of the total.
The number of sales above £2m topped 1,000 for the year to June at 1,067.
About 73 per cent of all sales over £2m were in London. Each region, bar Wales, had at least one £2m pound sale last year, according to Halifax.
Colin Kemp, managing director at Halifax, said: "Million pound property sales are now taking place right across England and Wales and not just in inner London.
"At the same time, million pound property clusters are emerging. In London, million pound sales are centred on Kensington and Chelsea.
"There are other clusters around Cobham, Esher and Weybridge in Surrey and around Altrincham, Macclesfield and Wilmslow in Cheshire."
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