Record Breaking 33 “Million Pound” Homes Sold Each Day in the UK

4th November 2014 posted in Property News

Research has found that 33 homes worth over £1 million were sold every single day during the first half of 2014.

The data from Lloyds Bank also highlighted the gaping differences in property prices at each end of the country, with more million pound houses changing hands in St Albans than in the whole of Scotland.

According to the figures, there were 6,143 sales of properties priced over £1m in Great Britain over the first half of this year – a 46% increased from the same period of time in 2013.

With 33 million pound transactions taking place each day during the first six months of the year, this is the highest figure Lloyds has ever recorded through its research.

With the north/south divide still appearing to be very prominent in the UK, the study found that 70% of the million pound properties sold were in London and 23% of them were in the popular residential areas of Kensington and Chelsea.

After the capital city, St Albans, Elmbridge and Bath were the next 3 locations to see million pound property transactions, but only Elmbridge made it into the top ten districts for million pound property sales.

Outside of the south of England, Cheshire East and Edinburgh saw the highest number of million pound properties sold.

Even though the majority of million pound house sales was in London, the North East saw the largest percentage increase of properties being sold at over £1m with a rise of 150%. The overall figure was still relatively low though, with only 15 houses reaching the million pound price tag actually being sold.

It is now more common than ever to see multi million pound housing transactions, and across the country there were even 1,360 properties sold for a minimum of £2 million during the first six months of the year.

Two million pound properties accounted for 22% of all million pound houses sold in the first half of 2014 - a figure that has very slightly decreased from 23% over the past year.

Sarah Deaves, private banking director at Lloyds Bank, said:

“The number of homes sold for at least £1 million is at a record high, with this sector of the housing market growing by almost 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 a limited supply of such properties."

Building society Nationwide also announced last week that October had seen the highest average house price of all time at £189,333. Property prices still look to be cooling down in London though, so we are yet to see when this figure will go down.

Despite the large increase in million pound property sales, they still only account for 1.3% for all residential sales across Great Britain and just 7.6% of sales in London. The number of properties sold for over £2 million has nearly doubled (43%) in comparison to the same time period in 2013 though.

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