The number of million-pound properties has soared in the first half of the year, according to latest figures.
Properties changing hands for at least £1 million reached the 6,684 mark between January and June this year. That’s an increase from 5,946 from the same period last year.
That was a 12 per cent increase year on year, and included many sales that were not in London.
In Edinburgh, there were 47 sales of million-pound plus properties, while in Trafford, the figure was 31. There were 29 sales in Cheshire East and 10 in Harrogate.
As expected, however, the vast majority of the country’s most expensive homes were based in and around central London. Eight per cent of all million-or-more sales were in the exclusive borough of Kensington and Chelsea, while another eight per cent were in Westminster.
Scotland was the only part of the UK where the numbers of high-end properties selling actually fell, by a third.
According to the new research, carried out by Lloyd’s Bank, the average price of home selling for more than £1 million stood at £1,727,327.
That is a reduction from two years ago when the average cost of a million-pound plus property was £1,862,578 for the first half of 2014.
It is thought Stamp Duty charges may have had an impact on the upper levels of the housing market. While changes introduced in 2014 made Stamp Duty cheaper for most buyers, it was the opposite for those buying at the top of the housing ladder.
Stamp Duty is now more expensive for any property with a selling price of more than £937,500, which has led to sellers pricing lower in a bid to attract buyers unwilling to pay the extra levy.
The number of million-pound-towns where the average property price is more than a million is also falling.
While in the first half of last year, Cobham, Beaconsfield and Virginia Water all had average property prices of a million or more.
Now, the only town to do so is Virginia Water, where the average price of a property is £1,082,286.
News of rising numbers of million-pound homes comes as earlier research showed that the price of rents is set to soar.
It is feared that those trying to get onto the bottom rung of the housing ladder will face a further struggle to buy their first home.
