There are more million-pound homes in the UK than ever before. And the area that’s seen the greatest increase in those homes with a hefty price tag in the last year is not, as expected, London but instead Yorkshire and the Humber.
New data from Lloyds Bank Private Banking shows that the northern areas registered year-on-year sales growth in million-pound-plus properties of 60 percent, followed by the north-west at 46 percent and the West Midlands at 28 percent.
According to the figures from the bank, the total number of properties sold in that bracket grew up by 5 percent in 2017 – in total, 14,474 million-pound homes were sold, up from 13,748 in 2016. And the number of seven-figure properties has grown by an astonishing 73 percent in the last decade.
While more than half of all multi-million-pound transactions took place in London, the actual number of sales there only grew up 1 percent from 2016 to 2017. By contrast, Yorkshire and the Humber sales were up 63 percent on 2016.
Regaining confidence in market
Louise Santaana, head of UK Wealth Lending at Lloyds Banking Group, said: “The million-pound property market got off to a poor start last year but made a good recovery in the second half.
“Overall, 2017 was slow for the UK economy, with high inflation and low wage growth. But high-end homeowners and investors in many parts of Great Britain are starting to regain their confidence in the market, with exceptional growth seen in Yorkshire and the Humber and the north-west of England.
“As always, the highest number of transactions took place in the capital last year; however, growth in London has started to slow for million pound properties.
“Overseas investors represent a good share of this end of the London market and some may be holding off buying, pending further clarity over Brexit.
“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.”