Number of homes sold for £1m reaches record high

31st October 2014

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The number of million pound properties sold in Great Britain has hit a record high with 33 homes worth six figures sold every day.

Figures from Lloyds Bank show a 46% increase in the number of million pound property sales since last year. In the first six months of 2014, 6,143 properties were sold at over a million – 33 transactions a day – compared to 4,198 in the same period in 2013.

Since 2009, the number of home sales over this amount has grown 345%. The number of properties of this value sold in the first half of 2009 was 1,382, the lowest number in the past decade.

The increase in the number of £1 million-plus home sales is far outpacing the 26% increase in the number of properties being sold below this mark. However, despite this the sale of million pound properties accounts for just 1.3% of all national residential sales.

There were 1,360 homes sold for at least £2 million in the first half of 2014, 43% higher than the same period the year before.

Unsurprisingly London is driving the £1 million home sales with seven out of 10 of all million pound home sales happening in the capital, followed by the South East with a share of 16% and the East of England with 6%.

All regions have recorded an increase in sales in 2014 in £1 million homes.

Sarah Deaves, private banking director at Lloyds Bank, said: ‘The number of homes sold for at least £1 million is at a record high, with this sector of the housing market growing by almost a half in the first six months of this year, compared to the same period in 2013.

‘Property values in prime locations have been boosted by growing demand from wealth, and often cash rich, buyers from the UK and overseas, as well as limited supply of such properties. Although demand has grown across all regions of Britain in 2014, the greatest concentration is in London – particularly the boroughs of Kensington & Chelsea and Westminster.’

 

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