Sales of high end homes soar across the Mid­lands

Birmingham Post - - NEWS -

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.”

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