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Million plus homes rise at fastest rate since 2006
The number of properties in the UK sold for more than £1 million increased at the fastest rate since 2006, figures from Lloyds TSB show.
It revealed that there were over 7,000 homes sold last year for more than £1 million, a 54 per cent increase on 2009, suggesting that mortgage holders of high-end properties are witnessing an improved property market.
In contrast, there was a fall of one per cent of house sales worth less than £250,000 last year.
However, house prices worth over £1 million are still 13 per cent lower than before the recession in 2007.
In total, Lloyds TSB found that there are around 184,000 homes in the UK worth more than £1 million.
Lloyds TSB housing economist Suren Thiru, commented: "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.
"In contrast, the level of activity across the wider housing market remains subdued."
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It revealed that there were over 7,000 homes sold last year for more than £1 million, a 54 per cent increase on 2009, suggesting that mortgage holders of high-end properties are witnessing an improved property market.
In contrast, there was a fall of one per cent of house sales worth less than £250,000 last year.
However, house prices worth over £1 million are still 13 per cent lower than before the recession in 2007.
In total, Lloyds TSB found that there are around 184,000 homes in the UK worth more than £1 million.
Lloyds TSB housing economist Suren Thiru, commented: "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.
"In contrast, the level of activity across the wider housing market remains subdued."
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Published: 03/05/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.