Million pound property sales up over 15 times during the last 15 years
To coincide with the 15th anniversary of the launch of the National Lottery, HSBC - currently the UK's largest net lender - has analysed Land Registry data in England and Wales relating to million pound property sales over the past 15 years. Over 43,400 new property millionaires have been created over the last 15 years, through the purchase of £1 million plus homes. Over 2,300 jackpot millionaires have been created in the 15 years since the start of the National Lottery in November 1994. Since 1994 only four residential properties officially sold for over £20 million, and 64 properties sold for over £10 million. 61 per cent of £1million plus properties sold over the last 15 years were in Greater London. Kensington and Chelsea (18 per cent of sales) and the City of Westminster (12 per cent of sales) accounted for nearly half of all of London's £1million plus sales. The postal district, Elmbridge, Surrey (South East), has the largest concentration of million pound sales outside the capital (4 per cent of all £1million sales. In 1995 only 186 properties across England and Wales sold for over one million pounds. The number gradually rose to a peak of 8,834 in 2007. 2009 is set for an estimated 2,800 £1million plus sales, down 68 per cent on 2007 figures but still 15 times greater than 1995. Towns in regions outside London with the highest concentration of £1million sales include Cobham (South East), Poole (South West) and Altrincham (North West). Llandrindod Wells in Wales is the only post area in England or Wales not to have a million pound property transaction during the last 15 years. There were 7,774 sales of properties costing at least two million pounds between 1995 and the first half of 2009, of which 2,517 were in Kensington and Chelsea. The average house price across England and Wales has risen 213 per cent over the past 15 years from £64,836 in 1995 to £202,813 in 2009 Q2. "One million pound plus sales have grown dramatically since 1994, from 186 in 1995 to an estimated 2,800 sales for this year; up 15 times. "This growth in the number of £1million plus properties has been helped by the staggering 213 per cent increase in house prices over this period. Despite recent house price declines, the increase in the nation's property wealth has outstripped retail price increases* by over four times during this period."
Key findings:
Andy Mielczarek, Head of Retail Products, HSBC, commented:
Date: 18th, November, 2009
Author: Ben Wilkie
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