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.
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Monday 05 November 2012
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."
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000
This three-bedroom flat within a former textile factory spans the corner of the fourth floor and has a balcony
A charming four-bedroom Oxfordshire cottage with oak floors and chunky-beamed ceilings, £465,000
A beautiful one-bed flat in a sought-after portered block, with access to Norland Square communal gardens
A one-bedroom flat within a Sixties school conversion with high-spec design and open-plan kitchen, close to Lambeth North Tube, £435,000
A 17th century four-bedroom house, with open fireplaces, cellar and pool, £600,000
A three-bedroom, coach house with luxury open-plan living space and contemporary breakfast bar
A newly refurbished one-bedroom flat in the heart of Mayfair, close to Grosvenor Square
A charming four-bedroom house overlooking Burleigh Square Park, close to Thorpe Bay
A three-bedroom farmhouse with a large inglenook fireplace and exposed beams
A boutique mews house, set around a central courtyard, with three bedrooms and a private roof terrace
A four-bedroom farm-conversion with three bathrooms and two reception rooms
A two-bedroom detached house with ensuite bathrooms and a sun-drenched decked terrace, £750,000
A modern and spacious two-bedroom, penthouse flat with two bathrooms in a prestigious development
A beautifully renovated five-bedroom terrace with three reception rooms and a courtyard garden, £700,000
Life & Style blogs
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
£110 - £130 per day + Pay between ?110 - ?130 Day: Randstad Education Cardiff:...
£480 per day + competitive: Progressive Recruitment: SAP Deployment Manager-Ta...
£50000 per annum + benefits: Progressive Recruitment: Urgently seeking a Dynam...
£350 - £400 per day: Orgtel: Test Lead, London, Banking, Financial Reporting, ...