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Wednesday 17th of June 2009
June 16, 2009

Million pound home sales slump by 40%


by Gill Montia
”Million

A specialist large-loans mortgage broker has reported a dramatic fall in sales of the UK’s more prestigious homes.

According to largemortgageloans.com, sales of properties costing in excess of one million pounds collapsed by 41% last year.

Only 5,302 transactions were completed, compared with 9,003 in 2007.

However, using data from the Land Registry, the firm has established that million pound properties actually accounted for 0.7% of all UK property sales last year, a slight increase on the 0.6% share taken in 2007 and an indication that the prime market is proving resilient in the downturn.

The research also revealed market regional differences with the North West seeing an annual 50% decrease in million pound sales and Greater London a 44% decrease.

Meanwhile, in the North East and Scotland decreases of only 12% and 11% respectively were recorded.

Last year, the Greater London region recorded the highest number of sales, at 2,736 followed by the South East at 1,648 and together comprising 83% of total UK sales.

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