Million pound house sales hit new high in 2017
New house price data from Lloyds Bank Private Banking reveals that the number of properties sold for more than a million pounds in Great Britain grew by 5% in 2017, compared to 2016, in the last decade million pound home sales are up by 73%.
Louise Santaana, Head of UK Wealth Lending, Lloyds Banking Group, commented:
“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 homeowners and investors in many parts of Great Britain are starting to regain their confidence in the market, with exceptional growth seen in Yorkshire & 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.
“2018 will be an interesting year for the million pound property market. With the Government consulting on ways to improve the house buying process, we should see high end homeowners more empowered to engage in property transactions. However, the high cost of stamp duty may be an ongoing deterrent in the top end of the market, particularly for those who are looking to invest in property in order to make money, as opposed to buying a home.
“The market isn’t only made up of buyers, however. There are thousands of homeowners occupying million pound properties across the country, many of whom may be considering downsizing, relocating or extending their existing homes. We would always urge anyone to seek advice about the most appropriate options available to them to transition property wealth into other assets or pass onto family members.”
Read the Lloyds Bank Private Banking report 5th May 2018 in full click here.