Million-pound property sales at four-year high

by Aaron Strutt

Oct 28 2011

The number of property sales of more than £1million has reached its highest level since 2007 and outperformed the rest of the market, up 10% in the first half of 2011, according to Lloyds TSB.

Lloyds found that there were 3,375 million-pound property sales in the first half of the year, equivalent to 19 sales a day, and up from 3,075 for the same period of 2010.

The 10% increase in million-pound sales compared to a 9% fall in the overall residential property market. Sales on million-pound properties in London made up only 5.7% of all sales in the capital.

Suren Thiru, housing economist at Lloyds TSB, said: “The number of homes sold for at least £1million 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 of the housing market.”

28 October 2011