The most recent house price data from Lloyds Bank today revealed that sales of million pound properties in northern England strongly outperformed many other parts of the country in the first six months of 2017.
Purchases of premier properties in the North West and Yorkshire and The Humber rose by 55% and 45% respectively. Increases were also seen in the West Midlands (up 33%) and the South East (up 15%). Overall, there was a modest drop (-1%) in the number of properties sold for more than a million pounds across Great Britain in the first six months of 2017, in contrast to the same period in 2016, with actual number of sales edging down from 6,684 to 6,613.
However, million pound home sales in London fell by 7% from 4,230 to 3,940. Other areas which experienced significant decreases in the number of purchases of premium-priced properties include Scotland (down by 35%), East Midlands (down by 27%) and Wales (down by 31%). This is part of a growing trend as the average price for million pound properties has dropped for three consecutive years, from £1,862,578 (2014) to £1,717,141 (2017), a fall of 8%.
Mirroring the trend of rising sales in the north of England, Yorkshire and The Humber had the fastest price growth over the last year at 5%, increasing from £1,378,578 to £1,452,252. Average prices for houses sold over £1 million pounds in London remained unchanged. The prime market may, however, have been distorted recently by buyers completing purchases before the introduction of higher stamp duty on buy-to-lets and second/additional homes on 1 April 2016.
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