million-pound homes

Boom in £1m-plus property sales in England

There are more million-pound properties in the UK than ever before, according to new research.

Lloyds Bank has revealed that the combined total of homes sold for more than £1 million in just four regions of England was 470 in the first six months of this year.

That compares to just 184 in the same timeframe of 2018.

Growth in regions

However, while the number of sales are up, London saw a 5 percent drop in £1 million-plus property sales while the rest of the south-east experienced a sales plateau.

The areas enjoying a big rise in seven-figure home sales were the north-east (from eight homes to 61 in 2019), east Midlands (40 to 133), Yorkshire and the Humber (46 to 151) and the West Midlands (98 to 186).

And the sales boost in those areas wasn’t simply confined to the big ticket property sales.

Indeed all house prices in all four regions showed significant growth.

Looking beyond traditional areas

Meanwhile, the biggest rise in million-pound properties was in Wales, which saw seven-figure house prices rise by 89 percent in the first half of 2019.

Louise Santaana, head of private banking at Lloyds, said: “There has been clearly been growing interest in properties outside the traditional markets of London and the south-east, especially in the last 12 months.

“While the market there has cooled in terms of volume of sales, average prices for million-pound-plus homes in these areas have still gone up by 13 percent and 19 percent, respectively.

“That suggests the sales drop could be linked to availability of properties.

“This may explain why buyers are looking outside of traditional investment areas.”

London still leading way

London may have seen a drop in total sales, but the capital still had 51 percent of all million-pound homes sold in the first six months of 2019. The south-east had 22 percent of all sales.

Nine of the top 10 local authority areas with million-pound property sales are in London with only Elmbridge in Surrey at No.8 breaking the capital’s domination.