x
By using this website, you agree to our use of cookies to enhance your experience.

More proof if it were ever needed of the improving health of the property market.

Hamptons International estimates that the number of £1million+ homes sold in 2013 would be 10% higher than the peak levels of 2007.

It said that it had calculated that 9700 properties would be sold for more than £1million in 2013 compared with the previous peak in 2007 of 8900.

Average house prices were still 9% lower than their 2007 peak.

The £1million+ was less affected by mortgage finance constraints and activity had grown faster than the overall market in every region in the UK except for the North East and Wales.

“The overall housing market is recovering but the £1million+ market is outperforming all other sectors," said Fionnuala Earley, Research Director at Hamptons International.

"Lower dependence on mortgage finance is a major reason for this extra buoyancy, which has raised activity in this sector above 2007 levels.  Rising house prices are not responsible for more sales drifting into this category either - the average house price in England and Wales is still 9% lower than in 2007.

“As a global city attracting wealth from around the world, it’s no surprise to see more £1million+ sales in London than anywhere else in England and Wales. Interestingly some new hotspots have emerged in this market sector since 2007.

"Battersea and St Johns Wood now feature in the top ten, while Wimbledon and Notting Hill are now absent. Beyond the M25, activity hasn’t recovered quite as much, but the hotspots are all in the South of the country with great links to London. Oxford and Sevenoaks make the top ten most buoyant areas in 2013, while Poole and Virginia Water no longer make the cut."

Comments

MovePal MovePal MovePal