The number of million dollar houses is on the rise in the UK, according to the latest research.
The report, from Investec Specialist Private Bank, found that there was an 11 per cent increase year-on-year in the number of expensive UK properties during the third quarter of 2011.
There were 21,982 properties with a value of over ã1 million on the market over the last three months, a significantly higher amount than the same period in 2010. The luxury homes were worth a total of ã48.71 billion, working out at approximately ã2.2 million per property. Last year, a total of ã46.46 billion pounds worth of real estate had an average of ã2.34 million per home.
Prime property ââ¬Åholding up wellââ¬Â
Nine of the ten regions with the most million pound properties for sale saw a rise in the third quarter compared to last year. For the high-end investor, 105 properties were priced at over ã15 million, with Investec Specialist Private Bank hailing the report as showing the prime property market to be ââ¬Åholding up wellââ¬Â.
Investec have seen ââ¬Åa huge increase in the number of applications for mortgages of ã1 million or moreââ¬Â, added OPP.
London leads the luxury market
Unsurprisingly, 44 per cent of the million-pound-plus properties were in London. Indeed, overseas investment and wealthy buyers continue to invest in the UK capital as a safe haven. This demand keeps driving the real estate values higher, leading to a growing number of ã1 million properties in the area.
ââ¬ÅThis has resulted in some people deciding to opt out of the capitalââ¬â¢s million pound property market and move to the UKââ¬â¢s Home Counties, which are more affordable,ââ¬Â adds Investec. ââ¬ÅSome have also made this decision because they have been outbid by wealthy foreign nationals and there is a general shortage of super prime property in London, partly because many are being rented out and their owners are holding on to them as rental yields rise.ââ¬Â
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