With almost 7,000 homes purchased for £1 Million plus in the first half of 2019, there were over 300 more homes sold in this price bracket in the first half of 2019 compared to the same period in 2018. In the North East the figure rose from 8 to 61, in Yorkshire and Humber there was a rise of almost 100 sales, the West Midlands saw an increase of around 90 and in the East Midlands sales rose from 40 to 133. Whilst in London the number of £1M plus property sales fell by 186, it still represented 51% of all million pound property sales. The types of property you can buy in this price range varies around the country and you can get more for your money in some places compared to others. For example, £1M could buy you a flat in the south Bank Tower, Central London, whereas in Birmingham it could buy you a 9 bedroom detached home. Nearly 25% of mortgage deals on the open market had a maximum loan amount of at least £1M. Here is the breakdown of £1M purchases around the country, courtesy of Which?
Louise Santaana, head of private banking at Lloyds Bank said: “While the market in London and the South East has cooled in terms of volume of sales, average prices for million-pound-plus homes in these areas have still gone up by 13% and 19% respectively, which suggests the sales drop could be linked to availability of properties. This may explain why buyers are looking outside of traditional investment areas.”
Growth in the sale of £2M plus properties also rose this year. In H1 of 2018, Yorkshire and Humber saw 2 sales in this price range and this soared to 63 in 2019. In the North East numbers rose from 1 to 26 and East Midlands sales climbed from 2 to 52. You can find the press release from Lloyds and a copy of the full report here.