Sales of homes over £1 million drops to lowest level since 2009

A quarter of all million pound homes sold in the first six
months of 2012 were in Kensington & Chelsea and Westminster, while Edinburgh recorded the highest number outside southern England.

There were 3,043 million pound property sales in Great Britain
in the first half of 2012, according to new research by Lloyds TSB,
the smallest total since the first half of 2009 (1,376) and 11 per
cent lower than in the same period in 2011.

Sales of million pound homes represent only 1 per cent of total sales in the first six months of 2012 ( in London, 5.2 per cent). Lloyds TSB estimates that there are around 166,000 homes in Great Britain worth at least one million pounds.

The decline in million pound sales in London - a 151 decrease (-7 per cent) from 2,185 in the first half of 2011 to 2,034 in the same period this year - accounted for almost half of the national decline. However, more than two-thirds of all million pound sales in Great Britain in the first half of 2012 were in the capital. Scotland accounted for the highest proportion of million sales (1.7 per cent) outside southern England.

Despite these figures, the number of £5 million property sales continued to increase, rising by 5 per cent to 81 in the first six months of 2012, the third successive annual increase. 

Suren Thiru, Lloyds TSB Housing Economist, said: "This partly reflects the changing market conditions for those looking to buy such properties including the 40 per cent increase in the stamp duty rate for multi-million pound homes." 

The survey also found that

* A quarter of all the million pound homes sold in the first six months of 2012 were in the London local authority districts of Kensington & Chelsea (423) and Westminster (337).

* Edinburgh (22) recorded the highest number of million pound property sales outside southern England.

* Just under half of the 379 local authority districts tracked recorded at least one sale of over a million pounds.

* Over three-quarters of all five million pound plus sales are in Kensington & Chelsea and Westminster.

 

There were 51 million pound property sales in Scotland in the first half of 2012, the smallest total since the first half of 2010 (49) and lower than in the same period in 2011 (60), according to figures from Bank of Scotland which estimates that there are around 2,523 homes in Scotland worth at least one million pounds.

Nitesh Patel, Bank of Scotland Housing Economist, said:  "The number of homes sold for over £1 million has fallen over the past year, partly reflecting the changing market conditions for those looking to buy such properties. However, despite this, demand from wealthy cash rich buyers both in Scotland and further afield plus the limited supply of such homes, is likely to help support activity at the very top end of the property market."

Discover more property articles at Homes and Property
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Windows Server Engineer - Compute Engineer

£30000 - £35000 per annum: Recruitment Genius: The Compute Engineer role also ...

Recruitment Genius: Senior Planner

£35000 - £38000 per annum: Recruitment Genius: An opportunity has arisen withi...

SThree: Trainee Recruitment Consultant

£13676.46 - £15864.28 per annum + Uncapped Commission: SThree: As a Trainee Re...

Recruitment Genius: Existing Customer Telephone Consultants

£13000 - £18000 per annum: Recruitment Genius: Every day they get another 1000...

Day In a Page

No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor