1 May

Number of million pound property sales up in 2012

Number of million pound property sales up in 2012

Estate agents have played their part in the highest number of property sales over the million pound-mark since 2007, new research has revealed.

Figures from Lloyds TSB showed that there was a two per cent rise last year when compared to 2011. There were 7,397 seven-figure houses purchased, although this number is still ten per cent lower than 2007's high of 8,233, during the height of the housing boom.

Nitesh Patel, Lloyds TSB housing economist, said: "The number of property sales over £1 million increased in 2012, taking the total to its highest level since the height of the housing market boom five years earlier. 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 expected, London and the south east was responsible for the majority, with 85 per cent of all million pound sales taking place in these regions.

However, there was a -40 per cent reduction in the north east, while Wales' number was down by 71 per cent on 2011.ADNFCR-1222-ID-801579917-ADNFCR

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