5 Nov

Number of million pound sales hits three-year low

Number of million pound sales hits three-year low

The number of homes costing more than £1 million that estate agents across the UK are selling has hit a three-year low, said the results of a report from Lloyds TSB.

According to the new study, there were 3,043 homes above the barrier sold in the country through the first six months of 2012, which was a full 11 per cent lower than the same period 12 month prior.

Part of the problem with these homes may have been the 0.9 per cent depreciation in value which saw many drop below the valuation.

Suren Thiru, Lloyds TSB housing economist, said: "The number of homes sold for over £1 million has fallen significantly over the past year, reversing the increases recorded over recent years. This partly reflects the changing market conditions for those looking to buy such properties including the 40 per cent increase in the stamp duty rate for multi-million pound homes."ADNFCR-1222-ID-801482443-ADNFCR

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