England and Wales recorded a record crop of £1 million plus homes in 2017. A rise of 5.4% comprised of 16,119 sales was recorded compared with the previous record set in 2016.
The East of England recorded the largest increase, bucking the trend of the last decade in which London was dominant.
The new millionaire's row
Hobson Road in Cambridge is one example of the new trend, with six £1 million plus sales last year. Cambridge saw 119 sales of £1 million plus properties over 2017, with a fourfold rise in sales within the price bracket in the last decade. The demand is being driven to some extent by new residents employed at the Cambridge Biomedical Campus.
The university challenge
In the decade since 2007, sales of £1 million plus homes have more than doubled. Regions surrounding universities are often the locations that have seen the largest price increases with Cambridge up 441% and Oxford up 270%.
In London, the borough of Kensington and Chelsea has seen sales in this price bracket fall since 2007, with Westminster and Wandsworth now more popular. An increase from 15 sales in the £1 million plus bracket in 2007 to 270 in 2017 was recorded in Hackney, the largest such increase in London.
The statistics were gathered by the BBC data team using data from January 2007 to December 2017.
Are you thinking of making a move this year? Our Mortgage team here at Westminster Wealth can ensure that you receive the most suitable mortgage for your personal circumstances, needs and objectives. Contact us today.
Information is based on our current understanding of taxation legislation and regulations which is subject to change.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our charges are usually between £395 and £995 depending on the type and amount of borrowing required and individual circumstances.