You are here: Home - Uncategorized -

Million pound property sales jump 58% in 2010

Written by:

Specialist large loans broker, said million pound property sales in the UK rose by 58% in 2010. In a report it revealed that 7,451 million pound properties were sold in the UK last year, compared with 4,725 in 2009.

The West Midlands million pound property market saw a 100% increase in sales from 47 in 2009 to 94 in 2010, with East Anglia’s increasing by 80% in that time.

The Greater London region recorded the highest number of million pound properties sold in 2010, with 4,501 sales, followed by the South East with 2,104.

London’s share of all million pound property sales in the UK rose from 52% in 2008 to 60% in 2010. Conversely, the South East region’s share has decreased from 31% in 2008 to 28% in 2010.

Kensington & Chelsea was the local authority which saw the highest number of sales with 908 million pound properties sold in 2010, an increase of 40% from 2009.

The two local authority areas of Kensington & Chelsea and City of Westminster accounted for 23% of total million pound property sales in the UK last year, slightly down from 25% in 2009.

Scotland and the East Midlands saw little change on the previous year and Wales saw a decrease of 33% in 2010, compared to the year before.

Paul Welch, managing director of, said that the research indicates that the million plus sector is leading the recovery in the overall UK property market.

“A flight to quality has seen international and domestic property purchasers increasing their investment in million pound properties and this could signal the recovery of the market as a whole,” he explained.

Ian Gray, mortgage manager at forecasted 2011 will see further disconnect between properties worth over and under a million pounds.

He said: “The million plus sector will not pull lower value properties up with it. Instead there will be a further disconnect between the two property markets as the government spending cuts put pressure on people’s finances.”

He added that the million plus sector would see prices rise by less than 5% by the end of 2011, with purchase levels remaining similar to last year.


Tag Box




Financial fitness

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

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

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.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

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...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Base rate held for 23rd month

The Bank of England has chosen to hold base rate at 0.5%, despite increasing pressure from rising inflation.