12 July 2017
£1m-plus property sales outside London could overtake the capital
The number of million pound property purchases outside of London is on the rise and could overtake those in the capital this year, research suggests.
An analysis of Land Registry figures, conducted by mortgage broker Private Finance, highlighted that while London has traditionally accounted for the bulk of home sales over the £1 million mark, rising prices nationally, combined with a slowdown in London itself, mean more than half (51%) of £1 million-plus transactions in 2017 are likely to be outside of the capital.
Here in Buckinghamshire, Rightmove is currently listing more than 140 multi-million pound properties for sale in the Gerrards Cross area.
Last year, London accounted for 53% of all transactions over £1 million, compared to 81% in 1995.
Areas which are becoming 'hotspots' for £1 million-plus homes include Buckinghamshire, Hertfordshire, Surrey, Essex, Hampshire and Kent.
Manchester, Gloucestershire, Oxfordshire, West Midlands, West Sussex and West Yorkshire have also seen substantial growth in recent years.
Shaun Church, director at Private Finance, said: "Sustained house price growth in London means that even for many highly paid professionals, a large family home in the capital is now out of reach.
"With buyers looking further afield as a result, this has contributed to significant growth in the number of million-pound-plus transactions in areas like Kent, Essex and the Home Counties, which are all within easy commuting distance of London."