20 Jul

Increase in £1m properties on the market

Increase in £1m properties on the market

New research shows there has been a rise in the number of homes being sold for more than £1 million outside of London.

Private Finance has used data produced by the Land Registry to discover there has been a "ripple effect" in areas surrounding the capital.

Between 2011 and 2016, there has been a 195 per cent rise in the volume of property transactions worth more than £1 million, compared with a 54 per cent rise in total activity across the market.

Areas such as Hertfordshire, Surrey and Essex have seen the most increases in £1 million-plus transactions, as buyers seek to find more value away from the centre of London.

"Sustained house price growth in London means that even for many highly paid professionals, a large family home in the capital is now out of reach. " said Shaun Church, director at Private Finance.

"With buyers looking further afield as a result, this has contributed to significant growth in the number of million pound plus transactions in areas like Kent, Essex and the Home Counties, which are all within easy commuting distance of London," he added.

It had been expected the reform of stamp duty between December 2014 and April 2016 would have led to a slowdown in activity at the top price bracket, but this latest trend seems to suggest this has not been the case.ADNFCR-1222-ID-801838027-ADNFCR

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