More than three times as many properties sold for more than £1m in Chelsea over 2004 than in the whole of Scotland, new research from estate agent Savills has revealed.

According to the figures, 186 homes were sold for more than £1m last year in Chelsea, compared with just 58 north of the border.

Chelsea remains at the top of the £1m+ property league, followed closely by Knightsbridge and Belgravia. However, other emerging property markets, both within the capital and elsewhere, are fast catching up.

Growing markets such as Bowden, Hale and Wilmslow in Cheshire and central parts of Oxford, Cambridge and Bath, are selling more top-end properties than ever, and have climbed rapidly up the £1m+ property sales league table in recent times.

However, areas within London continue to dominate the league, with traditionally sought after areas including Kensington, Mayfair and Chiswick moving down the rankings to be replaced by up and coming prime property regions such as Battersea, Fulham, Barnes and Ascot.

Bayswater is the highest climbing postcode within the top ten, with 81 sales of properties over the £1m mark last year, pushing it up to 7th place from 15th in 2000.

Savills Research said that many of the movements within the league table were down to falling demand from buyers who work in the financial sector: ?Over the 1990?s demand from financial sector buyers drove ahead prices and sales volumes in markets such as Notting Hill and Richmond. However, more reluctant vendors and price sensitive buyers post 9/11 have resulted in a number of areas slipping a few places down the rankings,? said a spokesperson.