You are here: Home - Mortgages - Buy To Let - News -

More million pound homes sold last year than ever before

0
Written by: Christina Hoghton
08/05/2018
Most of the properties were sold in London, but which region saw a staggering 60% rise in million pound property sales?

The number of properties sold for more than a million pounds in Great Britain grew by 5% in 2017, hitting an all-time record high, Lloyds Bank revealed.

In total, 14,474 homes worth more than a million pounds were sold; up from 13,748 in 2016.

Over the past 10 years the number of million pound house sales across Great Britain has increased dramatically, up by almost three quarters (73%) since 2007.

Where are they selling?

It won’t come as a surprise that more than half (57%) of all million pound property sales took place in London last year. However, the number of transactions in the capital only increased by 1% year-on-year, whereas those in Yorkshire and the Humber rose by 60% in the same period.

Similarly, sales in the North West were up by 46% compared to 2016, and increased by 28% in the West Midlands.

The only area in which million pound home sales fell last year was the East Midlands (-23%).

Louise Santaana, head of UK wealth lending at Lloyds Banking Group, said: “The million pound property market got off to a poor start last year, but made a good recovery in the second half. Overall, 2017 was slow for the UK economy, with high inflation and low wage growth. But high end homeowners and investors in many parts of Great Britain are starting to regain their confidence in the market, with exceptional growth seen in Yorkshire & The Humber and the North West of England.

“As always, the highest number of transactions took place in the capital last year, however growth in London has started to slow for million pound properties. Overseas investors represent a good share of this end of the London market and some may be holding off buying, pending further clarity over Brexit.

“The market isn’t only made up of buyers, however. There are thousands of homeowners occupying million pound properties across the country, many of whom may be considering downsizing, relocating or extending their existing homes. We would always urge anyone to seek advice about the most appropriate options available to them to transition property wealth into other assets or pass onto family members.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
insurance
Insurance industry tackles ‘loyalty penalty’

Insurers and brokers have committed to tackle the excessive differences in premiums paid by loyal customers and those buying for...

Close