According to a recent report by Lloyds Bank the number of £1M+ house sales rose by 12% in the first half of 2016 compared with the previous year, a report has suggested.
Lloyds found the average price of a home sold above £1m has dropped by £135,251 between 2014 and 2016. The bank said the price drop was partly due to a reduction in sales at the higher end of the market.
The research found 6,684 homes were sold for at least £1m during the first six months of 2016, a 12% rise on the 5,946 sold in the same period in 2015.
The report said the average price of a property selling for more than £1m had dropped from £1,862,578 to £1,727,327 over a two-year period.
Changes in stamp duty in late 2014 made it more expensive for buyers to purchase a home which was worth more than £937,500.
The largest number of purchases took place in London where there were 4,238 sales of million-pound properties.
If you have a few million going spare and are looking to buy in the capital The Telegraph has published an eye watering list of ‘London’s most expensive properties’ currently for sale.
At Gepp & Sons we have been successfully helping client buy and sell properties for almost 250 years. If you are thinking of moving and would like a breakdown of known legal cost please contact our New Business Team on 01245 343980.
This is not legal advice; it is intended to provide information of general interest about current legal issues.