Million pound property sales reach 4 year high
24 October 2011
A new study by Lloyds TSB claims that the number of properties sold over a million pounds has reached its highest numbers since the housing market peak of 2007.
Reports indicate that 3,375 million pound homes exchanged in the first half of this year, a 10% increase from recorded sales of this period in 2010. This rise is in contrast to the 9% decrease seen in the entire residential property sales over the same period.
Suren Thiru, Housing Economist at Lloyds TSB, commented: “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 number of properties in Britain that are worth at least one million pounds now stands at an estimated 200,000 homes.
