£1m+ property transactions yet to recover but sold prices show a market waiting to bounce back

The latest analysis by Enness Global, the world’s leading high-net-worth mortgage broker, has found that transactional volume across the nation’s £1m+ property market failed to bounce back following December’s election result. However despite this decline, average sold prices over the last three months have registered the most consistent, upward performance in the last year.

Enness Global analysed data on property transactions above the £1m threshold to see how sold prices and transaction numbers had fared over the last 12 months and since December’s election result.

The data shows that the number of £1m+ transactions actually climbed month on month ahead of December’s election.

Despite this, while the overall market enjoyed a Boris inspired bounce in the months that followed, transactions on property selling at £1m or more declined at an average of -45% per month between December and March.

The largest monthly decline of -87% came between February and March as the nation approached lockdown and many buyers and sellers sat tight due to further market uncertainty.

Year on year, transactions at £1m and above were -91% lower when compared to March last year, although again, this was largely driven by Government-imposed restrictions.

There has, however, been a silver lining for the nation’s high-end homeowners. Despite the number of transactions stuttering in the wake of the election results, price trends are yet to follow suit.

Compared to a year ago, the average sold price for properties at £1m and over has increased by a notable 4%, averaging growth of 1.5% a month since the election. This is the most consistent level of growth seen over the last year with three consecutive months of positive movement.