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Nov
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There are an estimated 170,000 homes in Great Britain that are worth at least one million pounds, but their sale represents just 0.9 per cent of all transactions. A total of 2,992 properties sold for at least a seven-figure sum in Great Britain during the first six months of the year, 118 per cent more than during the same period of 2009, according to Halifax. The rise in sales levels for million pound homes significantly outstripped the wider housing market, with the number of all homes changing hands increasing by just 27 per cent during the same period. Middle classes hit again with tax raid on pensionsBut the number of properties that changed hands for a seven-figure sum is still 18 per cent lower than during the first six months of 2007. There are an estimated 170,000 homes in Great Britain that are worth at least one million pounds, but their sale represents just 0.9 per cent of all transactions, although this is up from 0.5 per cent during the first six months of 2009. Unsurprisingly, London has the highest proportion of million pound sales, at 4.5 per cent of all transactions. Martin Ellis, Halifax housing economist, said: "The sizeable rise in the number of million pound properties sold over the past year has been driven by a small number of London neighbourhoods that continue to account for the vast majority of £1 million sales. "The increase reflects both strong demand from wealthy foreign buyers looking to benefit from the weakness in sterling and the relatively strong performance of the housing market in London and the South East over the past year." Nine out of 10 homes that changed hands for at least £1 million during the first six months of the year were in London and the South East. London also recorded the biggest percentage increase in million pound sales at 134 per cent, followed by the West Midlands at 127 per cent and the South East and East Anglia at 112 per cent and 100 per cent respectively. But Wales and the North both saw a year-on-year decline in the number of homes sold for seven figures, with drops of 25 per cent and 50 per cent respectively, although the number of sales in both areas was in single digits in both years. In terms of individual local authorities, Kensington and Chelsea saw the largest number of million pound properties change hands during the period at 398, with Elmbridge in Surrey seeing the highest level outside of London. Edinburgh was the only
local authority area that was not in the south to make it into
the top 25 local authorities for £1 million sales. Source:
Telegraph Click on relevant area(s) in the table below to view available prime properties for sale. |
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