Sales of high end homes soar across the Midlands
SALES of the region’s most expensive houses have never been higher, according to the latest Lloyds house price index.
While London’s sales are down, the number of high end property sales in the West Midlands rose by 19 per cent in the first half of 2018.
Sarah Deaves, from Lloyds Bank, put it down, in part, to the development of HS2 and the commuting links between the capital and Birmingham and said these were “likely to be contributing factors to property investment in the region”.
One of the most expensive houses to sell in the West Midlands area last year was Four Oaks House.
The newly-built family home in Sutton Coldfield came complete with an indoor pool, gym, cinema room and some impressive looking bedroom suites – all for £3,275,000.
There was also good news for the East Midlands where sales increased by 67 per cent and a 100 per cent rise in Wales.
London suffered a sales drop of eight per cent and the capital’s market share of million pound homes also decreased from 60 per cent in 2017 to 57 per cent.
Sarah Deaves said: “The trend of a split across the country in the purchase of million pound-plus homes continues, with the capital still experiencing a decline in the number of sales.
“The picture outside London seems to be moving in a different direction, particularly in Wales and the East Midlands.
“Explanations for this could be that homes outside of the capital are less likely to be used for investment with purchaser buying properties to live in.”