Rise of 5pc in number of £1m-plus homes sold

THERE was a 5pc increase in the number of homes sold for more than £1m last year, despite a sluggish property market in Britain, according to new data.

There were 14,474 £1mplus properties sold last year, a record high and a 5pc increase from the 2016 figure of 13,748. Over the past 10 years, the number of million-pound house sales has grown by 73pc, with a significant dip in 2012, when only 7,862 £1m-plus homes were snapped up. The figures, which come from the Land Registry and were analysed by Lloyds Bank, reveal that while the first half of 2017 saw a 1pc drop in million-pound house sales, a strong performance in the last six months of the year meant that sales increased by 5pc overall.

The rise in the second half of the year is somewhat surprising given that over the past 12 months property prices in many UK regions have slumped, with London the biggest drag. Last month the capital saw the first annual fall in prices since 2009.