More million pound homes sold last year than ever before
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.”