£1m property sales grow 44% outside London
New research shows the number of property sales worth £1 million or more has grown considerably outside London.Figures released by Knight Frank reveal these deals increased 44 per cent during the first half of 2014 when compared with the same period in 2013.Many of these sales are located in rural areas and the organisation said this is due to people looking to take advantage of the divide between urban and country prices.According to Knight Frank, the average value of prime rural property has increased 5.6 per cent from the market low of 2009 and is still 16 per cent below its previous peak. By comparison, prime central London homes have seen price growth of 74 per cent in the same period and have exceeded the peak by 32 per cent.Rupert Sweeting, Head of Knight Frank Country, stated: "Confidence has been rippling through the £1 million-plus market.""Bonuses are being paid, company owners have seen an upturn in their profits and mortgage rates have remained low, but the threat of increases has perhaps spurred buyers on to take advantage of the historic low rates. Moreover there have been regions which have seen vendors price more sensibly," he added.The majority of £1 million-plus homes outside of London are based in the Home Counties and the M3, M4 and M40 transport corridors. However, the strongest growth in sales occurred in Wales and the Midlands, where it was up by 78 per cent in the first half of the year.For the south-east, the figure was 38 per cent, while it was 58 per cent in the south-west and 40 per cent in eastern England. The rate of growth was slower in the north at 24 per cent.Knight Frank said the south-east remains the prime location for these properties away from London due to its transport links with the capital and good amenities. Should the number of £1 million-plus sales continue to grow, it is likely there will be increased demand for these houses to be built across the nation.
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