Sales of million pound homes increases

During the first six months of 2016, the number of homes which sold for over £1m, increased by 12%.

However, this increase in sales came at the same time as the average price of high-end homes fell. Between January and June this year, the number of million pound properties rose to 6,684, in comparison to the same period last year, when the number was 5,946.

Most of the properties were sold in or close to central London, although there were 47 sold in Edinburgh, 31 sales in Trafford, 29 in Cheshire East and 10 properties in Harrogate. Westminster and Kensington and Chelsea had 8% of the million pound sales each. Another 16 properties sold for over a million in Stratford upon Avon during the initial half of the year, while the whole of Wales had only 13 sales.

Not all areas experienced success, as the number of high-end sales fell by one third in Scotland. According to a study by Lloyds Bank, the average price of a high-end property is now £1,727,327. During the first six months of 2014, the average price of properties over £1 million was £1,862,578. Although most buyers paid less stamp duty tax following the changes in 2014, the higher end of the market was completely different, with properties above £937,500 faring worse.

CeMAP qualified mortgage advisers are available to provide advice to all buyers, no matter what the price of the property is, or the location.



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