North of England sees sharp rise in million pound house sales according to Lloyds Bank.
The latest 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.
The report reveals that 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 London million pound home sales fell by 7% from 4,230 to 3,940.
Sarah Deaves, Private Banking Director at Lloyds Bank, commented:
“In the first six months of 2017 we saw a modest decrease in the number of houses being sold for more than one million pounds, together with a fall in the average price of top-end homes. However, sales in northern England and the West Midlands appear to have bucked the trend, with buyers making high value purchases perhaps taking advantage of lower borrowing rates.
“There are several factors that could be responsible for the ongoing uncertainty in the market, including interest rates and economic stability. Changes to stamp duty in 2016, which saw a 3% increase for second homes (including buy-to-let homes) also resulted in a surge of purchases in Q1 2016, ahead of the new rules coming into force.
“With the Office for Budget Responsibility revising down forecasts for house prices and housing transactions we expect this slowing to continue into the new year. This could mean that it takes longer for people to sell a million pound property or find their new dream home.
“There are steps that people looking to purchase a million pound property can take to speed up the process, however, and avoid missing out. We would always urge anyone to seek advice about the appropriate options available to them.
“It’s not just about buyers. Owners of valuable properties who are planning to downsize or relocate may also wish to consider seeking advice around how they could pass this wealth onto family members.”
Read the Lloyds Bank report press release 11th December 2017 in full click here.
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