News: Million pound home sales at record high

Wed, 05 Nov 14

There were 6,143 million pound property sales in Great Britain in the first half of 2014 - equivalent to 33 transactions everyday over the period and a 46 per cent increase compared to the same period last year.

This growth is outperforming the sales growth in the rest of the market, but the sale of million pound properties still only accounts for 1.3 per cent of all national residential sales. Even in London, million pound sales account for just 7.6 per cent of all sales.

Homes selling for at least two million pounds accounted for almost one in four (22 per cent) million pound plus home sales in the first half of 2014, although, once again, homes sold for over two million pounds account for just 0.22 per cent of all property sales in the UK.

Seven out of ten 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 per cent and the East of England (6 per cent).

All regions have recorded an increase in sales in 2014 compared to the same period a year earlier. The largest percentage rises in million pound home sales were in the North East (150 per cent), West Midlands (100 per cent), South West (87 per cent) and the East Midlands (80 per cent). In the two regions with the largest concentration of million pound sales - London and the South East - transactions rose by 47 per cent and 41 per cent respectively.

Unsurprisingly, Londonís traditional prime markets are the principle drivers of activity: close to a quarter of all million pound homes sold in Britain during the first half of 2014 were in Kensington and Chelsea (13 per cent) and Westminster (10 per cent). Cheshire East (31) and the City of Edinburgh (20) recorded the highest number of million pound sales outside southern England.

Sarah Deaves, Private Banking Director at Lloyds Bank, comments: "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. 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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