Million-pound home sales rise in northern England

The number of million-pound home sales in the northern England soared in the first half of 2017, according to new figures.


House price data released by Lloyds Bank has revealed that the number of such property sales in the North West rose by 55% while sales increased by 45% in Yorkshire and the Humber. 

Million-pound house sales also increased in the West Midlands (33%) and the South East (15%).

Overall, the number of properties sold for more than a million pounds in Great Britain fell by 1% in the first half of 2017, compared with the same period in 2016.

Drops in million-pound home sales were recorded in London (7%), Scotland (35%), East Midlands (27%) and Wales (31%). 

Sarah Deaves, private banking director at Lloyds Bank, said: “There are several factors that could be responsible for the ongoing uncertainty in the market, including interest rates and economic stability. 

“Changes to stamp duty in 2016 – which saw a 3% increase for second homes (including buy-to-let homes) – also resulted in a surge of purchases in Q1 2016, ahead of the new rules coming into force.

“With the Office for Budget Responsibility revising down forecasts for house prices and housing transactions, we expect this slowing to continue into the new year. 

“This could mean that it takes longer for people to sell a million-pound property or find their new dream home.”

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