Number of million-pound house sales on the rise

Helen Cahill
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The average value of homes worth more than £1m has fallen (Source: Getty)

The number of homes sold for £1m or more has jumped by 12 per cent this year - and nearly two thirds of them are bough in London.

According to a report from Lloyds Bank, the sales of homes above £1m increased from 5,946 in the first half of 2015 to 6,684 during the first half of this year.

Read more: UK house price growth set to cool over the next five years

However, the average price of these properties has fallen by seven per cent in the past two years, down from an average £1,862,578 to £1,727,327.

The largest national shares of million-pound properties were in Kensington & Chelsea and Westminster, which both have 8 per cent of all national sales.

Over 90 per cent of the country's high-end homes are sold in London, the South East and the East of England. In Scotland, sales of £1m homes fell by a third in the first half of this year compared to the same period a year ago.

Sarah Deaves, private banking director at Lloyds Bank, said: "The strength of the London economy, stamp duty changes and the attractiveness of UK prime property to overseas buyers, could all play a part in the boost to sales at this level.

"Due to a reduction in the average prices for all those homes sold for more than £1m, Virginia Water in Surrey is now Britain's only "million pound town". In the first half of 2015, it was one of three towns with this status."

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