Substantial increase in the number of sales of million pound appartments over last decade.
Latest news release from Lloyds Bank Media Resource Centre 8th April 2017 headlined ‘The ‘High’ Rise Of The Million Pound Appartment’.
According to the latest research by Lloyds Private Banking, the number of million pound apartment sales in England & Wales has grown nearly threefold over the past decade, exclusive apartments now account for nearly a quarter of all million-pound plus sales, the majority of these sales are in London.
Louise Santaana, Head of Lending at Lloyds Private Banking, commented: “The past decade has seen substantial increases in the number of million pound apartments sold, outpacing all other property types.
“London dominates the million pound flat market, with the prime areas of Westminster and Kensington & Chelsea accounting for over half of all million pound apartment sales in England & Wales. In these two prime areas of London, apartment sales also account for a bigger proportion of all million pound property transactions in 2016 than ten years’ ago.
“A finite supply of land in prime Central London combined with a growing population has meant the only way is up with more and more developers focusing on apartments. In the past decade there has been a large increase in the building of high value apartments in Knightsbridge, West End, Victoria and King’s Cross, while Marylebone and Mayfair being the top two locations for most development. With demand still high there are more in the pipeline.
“Outside London, the South East, South West and East of England have seen between two and a half and fivefold growth in the numbers of million pound apartment transactions, but still only account for three percent of the market.”
Read the Lloyds Bank news release 8th April 2017 in full click here.
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