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Million pound homes sales in the UK weaken to three year low

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Million pound homes sales in the UK weaken to three year low - UK - home sales

The number of home sales worth at least a million pounds has declined to its lowest level since 2009, according to new research by Lloyds TSB.

There were 3,043 million pound property sales in the first half of 2012, the smallest total since the first half of 2009 and 11% lower than in the same period in 2011.

Sales of million pound homes account for a minor part of the national housing market, representing just 1% of total sales in the first six months of 2012. Even in London, million pound sales account for only 5.2% of all sales. Lloyds TSB estimates that there are around 166,000 homes in Great Britain worth at least one million pounds.

The research also shows that million pound property sales underperform compared to the wider housing market. The 11% decline in million pound home sales in the first half of the year was in contrast to the 3% market wide rise in property sales over the period. This is a reversal of the trend in 2011 when sales of million pound properties significantly outperformed the rest of the market.

London accounts for much of the decline in million pound sales, down 7% from 2,185 in the first half of 2011 to 2,034 in the same period this year, and this accounted for almost half (41%) of the national decline.


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