Sale of multi-million pound homes at 'all-time high'
The number of million-pound property sales being completed is higher than ever, according to new research.Figures released by Lloyds Bank have highlighted the proportion of transactions in this value bracket has increased by 46 per cent since the first half of 2013.Between January and June 2014, more than 6,000 of these sales took place, which is the equivalent of 33 per day.The news is fantastic for the construction sector as a whole, with this specific market experiencing 345 per cent growth since the first half of 2009 - when the number of transactions was at its lowest across the past decade, registering just 1,382 over the six-month period.Lloyds Bank private banking director Sarah Deaves said: "Property values in prime locations have been boosted by growing demand from wealthy, and often cash rich, buyers from the UK and overseas, as well as limited supply of such properties."She added that the highest concentration of million-pound sales was in London, in a trend that was particularly driven by action in the boroughs of Kensington & Chelsea and Westminster.These two areas accounted for a quarter of all high-value transactions in the first half of this year.However, demand has grown across the entire country, with Cheshire East and the City of Edinburgh representing the highest number of top-end sales outside of the south of England.At the upper end of the scale, more than 1,360 homes were sold for at least £2 million in the most recent survey period. This figure is more than two-fifths (43 per cent) higher than the same timeframe in 2013.These properties accounted for just over a fifth (22 per cent) of all property sales that were worth £1 million and over. In terms of the bigger picture, £2 million plus homes account for 0.22 per cent of the property market.
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