Multi-million pound sales hit record high

The number of properties sold for £1 million to £2 million in Britain fell for the first time in two years, but the number of properties sold for more than £2 million rose to the highest level on record. This is according to research by Lloyds TSB. There were 1,518 property sales worth at least £2 million pounds in 2011, a rise of 5% from 1,442 sales in 2010. The highest number of sales since records began in 1995. Sales of properties topping the £2 million pound mark were also 2% higher in 2011 than at the peak of the housing market in 2007 (1,484). In addition, the number of properties selling for over £5 million rose by 22% from 128 in 2010 to 156 in 2011, providing further evidence of the strength of sales at the very top end of the market. Over three-quarters (76%) of all £2 million pound plus sales in 2011 were in London (1,161), and more than half of all multi-million pound sales took place in just three boroughs: Kensington and Chelsea, Westminster and Camden. Suren Thiru, Lloyds TSB Housing Economist, commented on the figures: "The rise in the number of multi-million pound property sales over the past year compares to the weakening picture across the rest of the market, highlighting the strength at the very top end of the housing market." April 27, 2012