Fall in sales of million pound homes
According to the latest research from Lloyds Bank sales of properties worth at least a million pounds have fallen in the first half of 2015. Sales are down by 11% compared to the same period in 2014 that is from from 6,303 to 5,599, this is in stark contrast to the 46% increase seen in the first half of 2014.
Despite falling sales nationally, some areas continue to buck the trend say Lloyds, Virginia Water, Cobham and Beaconsfield are Britain’s most expensive towns, with an average house price of over £1 million. This is the first time the average property price has hit £1 million outside of London.
Sarah Deaves, Private Banking Director at Lloyds Bank, commented:
“The number of homes sold for over £1 million has fallen sharply over the past year, with a pronounced slowdown in the prime and Central London market. This may be the effect of the new Stamp Duty rates introduced last December and uncertainty generated by the election in May.
“However, the regional picture is much more mixed and we’re seeing the emergence of towns where the average price is at least £1 million. Whilst there are several London neighbourhoods where prices are already at this elevated level, outside of the capital this is a first.”