Sales of £1m properties in sharp fall

There has been a sharp decline in sales of one million pound properties as the top end of the market continues to slow. According to a latest report, in 2015 the first six months saw an 11% decline in sales of one million property sales. In first six months of this year the sales of one million properties fell from 6,303 to 5,599, which is contrast to the increase of 46% in first half of the year 2014.

properties in sharp fallAlthough the sale is declining, few areas still continue to make cash. Virginia Water, Cobham and Beaconsfield are Britain’s most expensive towns, with an average price of over £1 million, being the first time average property price has hit £1 million outside London.

Expert says: “The number of homes sold for over £1 million has fallen sharply over the past year, with a distinct slowdown in the prime and central London market. This may be due to the effect of new stamp duty rates introduced last December and uncertainty generated by the election in May. This is the first time the towns outside of capital with average price of at least £1 million. However, two thirds of all million pound home sales in UK are in London, with nation’s largest shares in Kensington & Chelsea and Westminster.

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