Mis-sold Mortgage Claims > Mortgage News
Sales of million pound homes soar
Thu, 19 May 2011
An increasing number of people could be seeking mortgages for homes valued at £1 million and upwards, new research suggests.

According to data from Lloyds TSB, the number of million pound property sales in 2010 increased at the fastest rate for four years.

There were some 7,185 sales of million pound homes last year, 54 per cent more than in 2009 and the largest annual increase since 2006.

"A small number of areas in London still account for the lion's share of all £1 million sales, with housing market activity in such locations continuing to benefit from strong demand from wealthy international buyers and limited supply," said Lloyds TSB housing economist Suren Thiru.

Despite the rise, million pound property sales remain 13 per cent below the levels they reached before the onset of the financial crisis in 2007, said the banking group.

Meanwhile, new data from the Department for Communities and Local Government has revealed that house prices over the first three months of 2011 were 0.5 per cent down on the previous quarter.
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