The million pound home market

Alex Johnson

66c00b666585242de3ed9c481248bf8d4ef19949 300x214 The million pound home marketThe number of properties selling for more than £1 million rose in 2012 and it is now at its highest level since 2007, according to Lloyds TSB. The total number of sales of properties that cost at least £1 million in Britain rose by 2% (from 7,270 in 2011 to 7,397 in 2012) although million pound sales in 2012 were still 10% lower than in 2007 (8,233).

As you might expect, London and the South East accounted for 85% of all million pound sales in Britain in 2012, representing 5.6% of all sales in the capital in 2012. Wales saw the biggest drop in million pound sales (down 71%), followed by the north east (40%).

Nine of the 10 local authority districts that recorded the highest number of million pound sales in 2012 are in the capital. Elmbridge in Surrey was the only one outside London in the top 10. Nearly a quarter of all million pound properties sold were in Kensington & Chelsea (934) and Westminster (856).

In Scotland, million pound property sales increased by 14%, according to Bank of Scotland and a third of all Scottish million pound property sales were in Edinburgh. In Edinburgh in 2012, 50 homes were sold for at least one million pounds, followed by Aberdeen (19) and South Lanarkshire (9).

“Scotland outperformed the rest of the Britain on million pound property sales with an increase of 14% compared to just 2% nationally,” said Nitesh Patel, Bank of Scotland Housing Economist. “While we see an 18% drop in the number of Edinburgh properties sold, the city of Aberdeen saw a very solid 46% increase over the year. Strong demand from wealthy cash rich buyers, particularly those associated with the oil industry, as well as limited supply has support this segment of the market.”

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