£1m home sales on the rise

House sales for properties valued at over £1 million have soared over the recent months, the latest statistics reveal.

Figures from Lloyds TSB show that throughout 2010, the number of sales of this type of property increased at the fastest rate since 2006.

It claimed that during the year, 7,185 sales of properties valued at more than £1 million were carried out, which is 54 per cent higher than 2009 levels.

Suren Thiru, Lloyds TSB housing economist, said: "A small number of areas in London still account for the lion's share of all £1 million sales, with housing market activity in such locations continuing to benefit from strong demand from wealthy international buyers."

Editor of What Mortgage Ben Wilkie recently suggested that the mortgage market is likely to improve over the coming months, which may help first-time buyers hoping to get on the property ladder.

Published on: May 3, 2011

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