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The number of million-pound house sales peaked in the UK in 2017.

London claims 57% of million-pound houses sales in 2017, as million-pound house sale numbers peaked in UK last year

By Maurice Shasha  //  Tue 8th May 2018
London claims 57% of million-pound houses sales in 2017, as million-pound house sale numbers peaked in UK last year.
The number of million-pound house sales peaked in the UK in 2017, and 57% of those sales took place in the capital.

According to house price data put out by Lloyds Bank Private Banking, more million-pound homes were sold in 2017 than any other year, with a 5% increase in 2017 when compared with the previous year.

The data suggests that confidence is returning, with buyers making decisions as opposed to putting off such decisions.

The London market has slowed at the top end of the market, with investors possibly discouraged by stamp duty increases for million-pound properties, while Brexit uncertainty may also be a contributing factor.

Head of UK Wealth Lending at Lloyds Banking Group, Louise Santaana, said: "Overseas investors represent a good share of this end of the London market and some may be holding off buying, pending further clarity over Brexit".

Santaana continued: "With the Government consulting on ways to improve the house buying process, we should see high-end home owners more empowered to engage in property transactions."

Also revealed by the data is the rise in the number of million-pound properties across Britain over the last decade – an increase of 73% between 2007 and 2017.

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