Monday, 26 June 2017

£1m plus houses are on the way up

THE number of £1m plus homes sold in 2014 will be 10 per cent higher than the peak levels of 2007, according to leading estate agents Hamptons International.

Hamptons, which has an office in Henley’s Hart Street, has calculated that 9,700 properties will be sold for more than a million this year compared with 8,900 in 2007.

Last year, 43 properties over £1 million were sold in the Henley area compared to 32 back in 2007.

Activity in the £1m plus sector of the market — which has been less affected by mortgage finance constraints — has grown faster than the overall market in every region of the UK except for the North East and Wales over the last year. This isn’t all due to higher prices either as average house prices are still nine per cent lower than the market peak.

Perhaps unsurprisingly, growth in the £1m plus sector is led by London, with 70 per cent of properties sold in this price range situated in the capital. Central London dominates the £1m plus property sales but the popular South West London suburb of Fulham tops the list with 335 sales.

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