The number of property sales worth at least a million pounds has risen to its highest level since the peak of the housing market in 2007, according to new research by Lloyds TSB.
There were 3,375 million pound property sales in Great Britain in the first half of 2011 – equivalent to 19 sales everyday over the period. This is the largest total since 2007 (3,680) and 10 per cent higher than in the same period in 2010 (3,075).
There are now an estimated 200,0001 homes in Britain worth at least one million pounds. Almost two-thirds of all million pound sales in Great Britain in the first six months of 2011 were in London. The South East (690), East of England (227) and the South West (118) were the only other regions where sales were in at least three digits.
All these four regions in southern England, together with the North East and Scotland, recorded an increase in sales in the first six months of 2011 compared with the same period in 2010.
In contrast, four regions experienced a fall in million pound sales over the past year. The West Midlands saw the biggest decline (-31 per cent) followed by Yorkshire and the Humber (-30 per cent). East Midlands (-28 per cent) and the North West (-4 per cent) also recorded falls.
Suren Thiru, Lloyds TSB housing economist, said: “The number of homes sold for at least £1 million has increased significantly over the past year in marked contrast to the rather more subdued picture across the rest of the housing market. Strong demand from wealthy cash rich buyers both in the UK and from overseas, as well as limited supply of such properties, has helped to boost the level of activity at the very top end of the housing market.”
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