Number of £1m-plus home sales ‘at record high despite London cooldown’
The number of million pound property sales increased to a record high last year across Britain – despite such transactions edging down in London.
Overall, the number of sales of homes valued at £1 million-plus increased by 1% year-on-year in 2018 to a new high of 14,638 – the highest number recorded, according to Lloyds Bank.
The number of houses sold for more than £2 million was down slightly, from 2,530 in 2017 to 2,501 in 2018.
Sales of properties for £1 million-plus increased in Scotland, Wales, the Midlands and northern England, according to Lloyds, which analysed Land Registry and Registers of Scotland figures.
But, given that London and the South East combined make up nearly eight in 10 (79%) million pound-plus sales in Britain, the overall sales picture was fairly flat despite other parts of the country seeing positive gains, Lloyds said.
Some 8,267 million pound homes were sold in London in 2018, edging down from a record high of 8,308 in 2017.
London also saw a 3% fall in the number of £2 million-pound plus homes sold, reducing from 1,946 to 1,886 over the course of the year.
There was also no perceptible growth in the South East, with 3,390 million pound homes sold in 2018, just up from 3,377 in 2017.
In Yorkshire and Humber, million-pound home sales fell by 23% year-on-year in 2018, with 103 sales made.
The South West of England saw a 1% fall, from 676 homes in 2017 to 668 in 2018.
Louise Santaana, head of private banking and lending, Lloyds Bank Private Banking, said: “The high-value property boom the country has experienced over the last decade has decelerated in the past 12 months, which is in line with expectations.
“However, while growth across London and the South East has slowed, there are still a number of property hotspots across the country that would create some value for investors, particularly in the East Midlands.”