10% increase in £1m properties up for sale
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There were 21,319 residential properties on the market for £1m or more during the second quarter of 2011, research by Investec Specialist Private Bank reveals.
This is 10% higher than the same period in 20101, and 8% more than the first three months of this year.
Collectively, they were worth over £47.76bn, which equates to £2.24m per property.
Looking at the 10 regions in the UK that have the highest number of million pound plus properties, nine saw an increase in the number of these homes for sale in Q2 of this year when compared to the same period in 2010.
Both Kent and Hampshire saw increases of 42%. Only London saw a slight decline of 1%, but the research reveals that 44.5% of the multi-million pound homes on the market during Q2 of this year were in the capital.
Jack Jones of Investec Specialist Private Bank, says: “Our research shows just how big the multi million pound property market is in the UK, and that it is growing rapidly. However, as mortgage lending falls, many of those looking to buy these properties may find it increasingly difficult to secure the necessary funding.
“With our unique approach that is based around flexibility and the client as opposed to the property they are looking to buy, the super-prime residential mortgage market is a huge opportunity for us. We continue to see a significant demand for mortgages of £1 million or more.”
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