The number of properties which sold for more than a million pounds hit a record high last year, according to Lloyds Bank Private Banking – but London was not the region with the highest growth.
Instead, Yorkshire and the Humber saw the sale of million-pound homes rocket by 60 per cent compared to the year before, while the capital experienced a mere one per cent climb.
Across the whole country, the number climbed by five per cent as 14,474 homes worth more than a million pounds were sold.
“As always, the highest number of transactions took place in the capital last year. However growth in London has started to slow for million pound properties,” said Louise Santaana, head of UK wealth lending at Lloyds Banking Group.
“Overseas investors represent a good share of this end of the London market and some may be holding off buying, pending further clarity over Brexit.”
She added that 2018 would be an “interesting year” for the million-pound property market, as government consultation on ways to improve the house-buying process could make “high-end homeowners more empowered to engage in property transactions”.
But counteracting this could be the high cost of stamp duty, especially for people looking to invest in property rather than buying somewhere to live.
The East Midlands was the only place to see lower numbers of million-pound homes sold last year, with a 23 per cent drop to just 72 transactions.
Source: City A.M.