10 Facts About £1 Million Property Sales

by Property118.com News Team

10:02 AM, 25th October 2011
About 9 years ago

10 Facts About £1 Million Property Sales

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10 Facts About £1 Million Property Sales

Around 19 homes worth £1 million or more were sold every day for the first six months of the year, according to Lloyds TSB.

A total of 3,375 £1million pound property sales were sold – the most since the 3,680 sold in 2007 and 10% higher than the 3,075 sold in the first half of last year.

Lloyds TSB housing economist Suren Thiru said:  “The number of homes sold for at least a £1 million has increased significantly over the past year in marked contrast to the rather more subdued picture across the rest of the housing market.

“Strong demand from wealthy cash rich buyers both in the UK and from overseas, as well as limited supply of such properties, has helped to boost the level of activity at the very top end of the housing market.”

  • The 10% increase in million pound home sales in the first half of the year was in marked contrast to the 9% fall in residential property sales as a whole over the period.
  • A quarter of all £1 million homes sold in the first six months of 2011 were in Kensington & Chelsea or Westminster.
  • Outside Southern England, Edinburgh scored highest with 26 £1 million property sales
  • Almost half (48%) of 380 council districts did not have any £1 million property sales
  • By postcode districts, sales were highest in Fulham (142), Hampstead (100) and Chelsea (92).
  • Weybridge, Surrey (32), had the highest number of sales outside London.
  • Chelsea (50) had the most sales of homes worth at least £2 million.
  • £1 million sales in the London SW1X postal district – covering Belgravia and Knightsbridge – accounted for 68% of all sales in the district
  • 739 homes sold for at least £2 million, 29% more than over the first six months of 2010 (575) and accounted for 0.2% of all home sales.
  • The number of £5 million plus properties sales increased by 48% to 77, from 52 in the first half of last year. Kensington & Chelsea, Westminster and Camden account for 86% of all £5 million plus sales

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