Expensive home sales 'on the increase'

Posted: 24 Oct 2011 12:54:55 GMT

The number of homes being sold for more than £1 million has risen to a four-year high.

The number of expensive home sales in the UK is on the increase, new research has shown.

Carried out by Lloyds TSB, the study revealed the amount of properties being purchased for at least £1 million has risen to its highest level since 2007.

Reaching a four-year high, the figures for the first half of 2011 were the equivalent of 19 sales every day across the six-month spell.

Around 3,375 million pound property sales were recorded in the period - the greatest amount since the 3,680 reported in 2007 and ten per cent higher than the 3,075 witnessed across the same time in 2010.

Suren Thiru, housing economist at Lloyds TSB - which is a member of Lloyds Banking Group - said: "Demand from wealthy cash-rich buyers both in the UK and from overseas ... has helped to boost the level of activity at the very top end of the housing market."
 

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