Increasing number of designer homes on sale

  • 13 years ago
  • Uncategorized

The number of designer homes on sale in the UK is on the up.

In the second quarter of 2011, research by Investec Specialist private Bank found that 21,319 homes valued at £1m or more were on sale. This is an increase of 8 per cent upon the first quarter of the year, and 10 per cent more than 2010.

The rise in expensive property arrives despite a record fall in the average UK house price. Wealthy foreign buyers, who see the UK as a safe haven in an uncertain global economy, are the principal investors in the luxury homes, which had a cumulative value of £47.76 billion.

Designer homes in places such as Kent saw the strongest growth, with Hampshire recording a 42 per cent increase in million-pound properties for sale.

 The trend has been led by several landmark property sales, as Park Place sold last week to an unnamed Russian buyer. The most expensive house in Britain, Park Place was last on sale in 2007 for £42 million and has since had an extensive renovation.

Another significant luxury home on the market is Town Head House in the Lake District, which has recently entered the market for the first time in 200 years. Valued at £5.25 million, the house, which in the past welcomed historical figures such as John Ruskin and Beatrix Potter, has already attracted a wealth of interest.

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