Number of million-pound houses rises – survey – BBC News
Image copyright PA The number of houses sold for at least 1 million has risen by 12% in the first half of 2016 compared with the previous year, a report has suggested.
But the average price of a top-end property is less than it was two years ago, according to Lloyds Bank.
It found the average price of a home sold above 1m has dropped by 135,251 between 2014 and 2016.
The bank said the price drop was partly due to a reduction in sales at the higher end of the market.
READ You've got meth: NZ residents urged to check letterboxes for drug shipments
Powered by Inline Related Posts
The research found 6,684 homes were sold for at least 1m during the first six months of 2016, a 12% rise on the 5,946 sold in the same period in 2015.
The report said the average price of a property selling for more than 1m had dropped from 1,862,578 to 1,727,327 over a two-year period.
Changes in stamp duty in late 2014 made it more expensive for buyers to purchase a home which was worth more than 937,500.
The bank found north-east England had the biggest rise in the number of million-pound property sales with an 83% increase – due to 11 purchases.
The largest number of purchases took place in London where there were 4,238 sales of million-pound properties.
Scotland was the only part of Britain where sales of houses above the 1m mark have fallen over the last year with a 33% decline, according to Lloyds Bank.
Read more: http://www.bbc.co.uk/news/business-37882087