Analysis has found that despite a slow start to the year the number of sales of million-pound houses that are taking place rose by 5 percent to achieve a record high in 2017.
Lloyds Bank Private Banking discovered that around 14,474 homes were sold for over £1 million across the United Kingdom in 2017, an increase from the 13,748 that was recorded in 2016 – the highest annual figure that was recorded on its records dating back to 2007.
Lloyds said that the numbers rose despite a decline in million-pound house sales during the first half of last year, which was then overshadowed by a strong performance during the last six months of 2017.
Last year, over half (57 percent) of the million-pound property sales occurred in London. However, the number of transactions there only rose by 1 percent year on year.
Meanwhile, sales of million-pound houses in Yorkshire and the Humber increased by 60 percent during the same period, albeit from a much lower base.
The sales in the North West rose by 46 percent as compared with the sales in 2016 and grew by 28 percent in the West Midlands.
The East Midlands is the only area where the sales of million-pound homes dropped in 2017, which recorded a decline of 23 percent.
Lloyds disclosed that the number of million-pound house sales across the United Kingdom has surged by 73 percent over the past decade.
However, the increase has not been steady with just 7,862 transactions in 2012 – just more than half the number that was recorded in 2017.
The head of UK wealth lending at Lloyds Banking Group, Louise Santaana, stated: “The million-pound property market got off to a poor start last year, but made a good recovery in the second half.
“Overall, 2017 was slow for the UK economy, with high inflation and low wage growth. But high-end home-owners and investors in many parts of Great Britain are starting to regain their confidence in the market, with exceptional growth seen in Yorkshire and the Humber and the North West of England.
“As always, the highest number of transactions took place in the capital last year; however, growth in London has started to slow for million-pound properties.
“Overseas investors represent a good share of this end of the London market and some may be holding off buying, pending further clarity over Brexit.”
Numbers from the Registers of Scotland and the Land Registry were used for the said report.
According to Lloyds Bank Private Banking, the numbers of million-pound home sales last year and the annual percentage change are as follows:
- London – 8,308 (1%)
- South East – 3,377 (12%)
- East of England – 1,208 (1%)
- South West – 676 (21%)
- North West – 294 (46%)
- West Midlands – 198 (28%)
- Scotland – 158 (4%)
- Yorkshire and the Humber – 133 (60%)
- East Midlands – 72 (-23%)
- North East – 27 (13%)
- Wales – 23 (10%)