Sales of homes worth at least a million pounds are at a record high, according to new figures from Lloyds Bank.
The research found that there were 6,143 million pound property sales in Great Britain in the first half of 2014, which is an increase of 46% over the number of sales in the same period last year. In fact, million pound home sales have apparently grown by 345% since the first half of 2009, when sales in this market segment were at their lowest point (1,382) in the past decade.
The 46% increase in million pound home sales in the first half of the year significantly outpaced the 26% increase in the sale of properties below a million pounds over the period. Despite this large increase, the sale of million pound properties accounts for just 1.3% of all national residential sales – although this share has more than doubled since 2009.
Seven out of ten (70% or 4,259) of all million pound home sales in Britain during the first half of 2014 were in London. The capital is followed by the South East with a share of 16% (1,096) and the East of England (6% or 109). Cheshire East (31) and the City of Edinburgh (20) recorded the highest number of million pound sales outside southern England.
"The number of homes sold for at least a £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,” explained Sarah Deaves, Private Banking Director at Lloyds Bank. “Property values in prime locations have been boosted by growing demand from wealthy, and often cash rich, buyers from the UK and overseas, as well as limited supply of such properties.”
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