Properties purchased above £250,000 accounted for one in four transactions in 2012, according to research from Halifax Intermediaries.
Mortgage applications for properties sold above £250,000 rose by 9 per cent, from 134,800 in 2011 to 147,300 and have risen by 28 per cent since 2009, according to CML figures.
Halifax Intermediaries head of sales Ian Wilson says: “It is no surprise that a large proportion of purchases above £250,000 are in Greater London and the South East. Traditionally we generally see a spike in clients reviewing their finances in the first quarter of the year, with this year being no exception.
“High value mortgages can be quite complex, with borrowers having multi-faceted income streams, with bonuses, business profits and investment income often forming part of the overall income picture. Due to the nature of these types of cases, lenders need to be flexible and understanding of the requirements of brokers and their clients and provide a knowledgeable specialist team to support them.”
The highest proportion – 59 per cent – of these properties were located in Greater London, followed by South East. The number of properties valued at over £250,000 rose from 39,900 to 44,900 in Greater London and from 45,600 to 50,200 in the South East.
The North of England has the smallest concentration, accounting for just 9 per cent of properties in this value band.