The data suggested that although the market for high-end homes has yet to fully recover – with transactions still 10 per cent lower than in 2007, when 8233 properties in the sector were bought – it has still outperformed the rest of the housing market.
Sales of homes worth less than £1m fell by 3 per cent in 2012, while sales of multi-million pound properties slipped by 2 per cent.
Properties worth more than a £1m still only account for 1.1 per cent of all national sales, with the majority of them situated in London and the southeast, at 85 per cent.
Nitesh Patel, housing economist for Lloyds TSB, said: “Strong demand from wealthy, cash-rich buyers, both from the UK and overseas, as well as limited supply, has supported this sector of the market.
“As a result sales at the very top end of the market are much closer to their peak levels than the market as a whole.”
| 2011 | 2012 | Change | % Change | |
| North East | 15 | 9 | -6 | -40% |
| North West | 98 | 79 | -19 | -19% |
| Yorkshire and The Humber | 48 | 38 | -10 | -21% |
| East Midlands | 42 | 47 | 5 | 12% |
| West Midlands | 66 | 58 | -8 | -12% |
| East of England | 484 | 458 | -26 | -5% |
| London | 4,534 | 4,820 | 286 | 6% |
| South East | 1,574 | 1,493 | -81 | -5% |
| South West | 263 | 240 | -23 | -9% |
| Wales | 14 | 4 | -10 | -71% |
| Scotland | 132 | 151 | 19 | 14% |
| Great Britain | 7270 | 7397 | 127 | 2% |
| Region | % Change 2011 - 2012 | |||
| Under £1m | £1m+ | Total | ||
| North East | -7% | -40% | -7% | |
| North West | -5% | -19% | -5% | |
| Yorkshire and The Humber | -2% | -21% | -2% | |
| East Midlands | -2% | 12% | -2% | |
| West Midlands | -2% | -12% | -2% | |
| East of England | -3% | -5% | -3% | |
| London | -1% | 6% | -1% | |
| South East | -1% | -5% | -1% | |
| South West | -1% | -9% | -1% | |
| Wales | -4% | -71% | -4% | |
| Scotland | -6% | 14% | 4% | |
| Great Britain | -3% | 2% | -2% | |
