MortgagesMay 8 2013

Million-pound mortgage market grows: Lloyds TSB

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According to data from the lender, the number of properties that have been sold for more than £1m rose by 2 per cent, from 2270 in 2011 to 2397 in 2012, the highest level since the peak of the housing boom in 2007.

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.”

 20112012 Change% Change
North East159-6-40%
North West9879-19-19%
Yorkshire and The Humber4838-10-21%
East Midlands4247512%
West Midlands6658-8-12%
East of England484458-26-5%
South East1,5741,493-81-5%
South West263240-23-9%
Great Britain727073971272%
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% 
South East-1%-5%-1% 
South West-1%-9%-1% 
Great Britain-3%2%-2%