Uk Properties Selling For More Than A Million Quid Declines
News Posted On: 04 May 2012
The number of properties selling for more than one million pounds in the UK declined last year, but the top end of the market, or homes costing more than two million, remained unaffected, according to Lloyds TSB.
The total number of properties sold costing more than one million pounds declined by 5% last year, but in comparison the number of sales of homes in this price bracket rose by 55% in 2010. According to estimates there are 165,000 homes worth one million pounds or more.
In 2011 the number of sales of multi million pound homes hit record highs, and there were 1,518 homes worth two million pounds or more sold last year, which was an increase of 5% on the previous year.
This is the highest number of sales seen for houses in this price bracket since 1995, which was when records began. The number of sales of home costing five million pounds or more increased by 22%, to reach 156 last year, showing the continued strength of the luxury market.
As you’d expect, the majority of sales of homes costing two million pounds or more were in London, with most occurring in Camden, Kensington and Chelsea and Westminster. It is estimated that just 0.2% of sales are for homes costing in excess of two million pounds, so only a few home buyers will fall into the 7% stamp duty bracket. The recent increase in the top rate of stamp duty has meant buyers falling into this price bracket will be paying an average of 40% more than before.
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Written by Les Calvert
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