Largemortgageloans.com have produced a million pound property report that show sales have increased by 58% in the past year, this is compared with 2009. 7,451 million pound properties were sold in GB compared to 4,725 in 2009.
Paul Welch, managing director of Largemortgageloans.com, comments:
“There are some fascinating insights in this latest million pound property research from Largemortgageloans.com, not least of which is the fact that the million pound sector seems to be leading the recovery in the overall UK property market.
“A flight to quality has seen international and domestic property purchasers increasing their investment in million pound properties and this trend could signal the recovery of the market as a whole.”
Largemortgageloans.com has researched and analysed residential property sales of at least £1million at regional and local authority level in Great Britain, using Land Registry data for England and Wales and Registers of Scotland data for 2007, 2008 and 2009.
- Million pound property sales increased by 58% in 2010
- Million pound property sales increased markedly as a percentage of the total market in 2010
- The West Midlands million pound property market saw a 100% increase in sales from 2009 to 2010, with East Anglia’s increasing by 80% in that time. Both Greater London and the South East also saw strong growth of over 60% in their million pound property sales figures
- 89% of the million pound property sales in Britain in 2010 were in Greater London and the South East
- Greater London’s share of all million pound property sales in Great Britain has risen to over 60% in 2010
- Increasing by over 40% in 2010, Kensington & Chelsea has the highest number of million pound property sales by local authority in Great Britain
- Elmbridge has the most million pound property sales outside London, whilst St Albans is the local authority that has seen the greatest percentage increase in million pound property sales from 2009 to 2010
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