3 May

Sales boost for £1m property for sale in West Midlands

Sales boost for £1m property for sale in West Midlands

Transactions involving £1 million houses for sale in the West Midlands more than doubled in 2010, it has been revealed.

According to research by Lloyds TSB, the region saw 92 properties for sale in the West Midlands in this price bracket snapped up, compared to just 44 in 2009.

Overall, there were 7,185 million-pound property sales in Great Britain last year, showing a 54 per cent increase compared to 2009.

The capital was responsible for 22 per cent of overall £1 million sales, with property for sale in London still popular with wealthy international buyers.

In addition, 75 per cent of all £2 million plus sales were for houses for sale in London.

Suren Thiru, Lloyds TSB Housing Economist, says the top end of the housing market is proving strong.

She added: "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 [overseas] demand."

On April 6th stamp duty increased to five per cent for property worth more than £1 million, which may have boosted sales as people hurried to beat the tax rise.ADNFCR-1222-ID-800517745-ADNFCR

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