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Sales of £1 million-plus homes soar to new heights in UK

Across Britain, 7,397 homes with a price tag of over £1 million were snapped up last year.
Across Britain, 7,397 homes with a price tag of over £1 million were snapped up last year. Credit: Tim Ireland/PA Wire/Press Association Images

Sales of homes worth over £1 million have soared to their highest level since the height of the 2007 housing boom, a report found today.

Top-end property sales increased by 2% year-on-year in 2012, with Scotland, the East Midlands and London all seeing rises, Lloyds TSB found.

Million pound properties out-performed the rest of the market in 2012, as sales of homes below this price bracket dropped off by 3% year-on-year, the report said.

Across Britain, 7,397 homes with a price tag of over £1 million were snapped up last year, marking the highest number seen since 2007. Almost one quarter of all these sales took place in the London boroughs of Kensington and Chelsea and Westminster.

By contrast, just four sales of million pound homes took place across Wales during 2012 and nine were made in North East England.

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