Million Pound Home Sales Up 73% In 10 Yrs

 

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In the last ten years, the number of million pound home sales across Great Britain has climbed by an impressive 73 per cent. In 2017, the number of such properties being sold rose by five per cent on the year before, with Yorkshire and the Humber seeing the greatest year-on-year growth in sales at 60 per cent.

This is according to new house price data from Lloyds Bank Private Banking, showing that although the first half of last year saw a one per cent drop in such sales, a robust performance in the latter half of the year meant sales were up by five per cent overall.

The only area of the UK where these home sales dropped in 2017 was the East Midlands (-23 per cent), continuing a longer-term trend. Back in 2007, 81 were sold, but last year saw just 72 transactions completed.

Head of UK wealth lending with Lloyds Banking Group Louise Santaana explained that although last year was slow for the economy thanks to low wage growth and high inflation, investors and high-end homeowners across the country are now rebuilding their confidence in the market.

She said: “2018 will be an interesting year for the million pound property market. With the government consulting on ways to improve the house buying process, we should see high end homeowners more empowered to engage in property transactions. However, the high cost of stamp duty may be an ongoing deterrent in the top end of the market, particularly for those who are looking to invest in property in order to make money, as opposed to buying a home.

“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.”

In Scotland, meanwhile, million pound property sales rose by four per cent last year, with Edinburgh seeing the third highest volume of transactions outside London and the south-east.

Although the start to the year was slow, 158 properties worth above a million were sold in Scotland in 2017, up from the 152 the year before. The first half of the year saw sales drop by 35 per cent, compared to the one per cent for the rest of Great Britain.

Sales in Edinburgh made up 64 per cent of all those in Scotland overall, with 101 sold – the third highest number outside London and the south-east. East Lothian, Glasgow and East Dunbartonshire followed Edinburgh, while South Lanarkshire saw the biggest year-on-year drop of million pound properties (-73 per cent).

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