The Million Pound Market
There were 14,794 homes sold across England and Wales in the past 12 months priced at £1 million or more. This equates to just 1.7% of all sales, and just under £26 billion in value.
As in previous years, the tally of properties selling at or above the £1 million threshold was greatest in London, where over half (59%) of all £1m+ homes sold in the past year. This represents 1 in every 10 property sales.
London’s share of the £1m+ market has diminished over time though, as prices in other regions have increased. Back in 2013, London boasted 69% of all £1m+ sales. Since then, the share of the prime market has increased in every other region of England and Wales.
In the even higher echelons of the market, there were 2,860 homes sold for £2 million or more, and 379 sales for £5 million or more, in the past 12 months.