Number of million-pound house sales on the rise
The number of homes sold for £1m or more has jumped by 12 per cent this year – and nearly two thirds of them are bough in London.
According to a report from Lloyds Bank, the sales of homes above £1m increased from 5,946 in the first half of 2015 to 6,684 during the first half of this year.
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However, the average price of these properties has fallen by seven per cent in the past two years, down from an average £1,862,578 to £1,727,327.
The largest national shares of million-pound properties were in Kensington & Chelsea and Westminster, which both have 8 per cent of all national sales.
Over 90 per cent of the country's high-end homes are sold in London, the South East and the East of England. In Scotland, sales of £1m homes fell by a third in the first half of this year compared to the same period a year ago.
Sarah Deaves, private banking director at Lloyds Bank, said: "The strength of the London economy, stamp duty changes and the attractiveness of UK prime property to overseas buyers, could all play a part in the boost to sales at this level.
"Due to a reduction in the average prices for all those homes sold for more than £1m, Virginia Water in Surrey is now Britain's only "million pound town". In the first half of 2015, it was one of three towns with this status."