Call us today on 0141 552 9193
GLP News

News, Comment & Opinions on the latest legal stories

Glasgow Law Practice White

Practice made perfect

Sales of million pound homes at highest since 2007

The number of properties selling for over £1 million increased in 2012, reaching the highest level since the height of the housing boom in 2007, according to latest research from Lloyds TSB.

The total number of sales of properties that cost at least £1 million in Great Britain rose by 2% from 7,270 in 2011 to 7,397 in 2012. However, million pound sales in 2012 were still 10% lower than in 2007 (8,233), at the height of the housing boom.

The million pound sector outperformed the rest of the market with sales under £1 million falling by 3% in 2012. Sales of a million pounds and more accounted for 1.1% of all national sales.

However, sales of multi-million pound properties fell slightly in 2012. There were 1,584 property sales worth at least two million pounds in 2012, a decline of 2% from 1,620 sales in 2011.

London and the South East continued to account for the overwhelming majority (85%) of all million pound sales in Great Britain in 2012. Million pound sales are a much greater proportion of the market in London than elsewhere in Britain, representing 5.6% of all sales in the capital in 2012. Scotland (14%), the East Midlands (12%) and Greater London (6%) were the only regions to see a rise between 2011 and 2012.

City of Edinburgh (50) and Cheshire East (32) recorded the highest number of million pound sales in 2012 outside southern England.

Contact our Lawyers

Our solicitors are based in Glasgow and can help you, whatever legal advice you need. Complete our online enquiry form here or come in to see us at one of our offices.