SW6 Boasts Highest Number of Million Pound Home Sales

142 properties broke million pound barrier in first half of 2011

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SW6, the postal district of Fulham, had the country's highest number of sales of million pound homes during the first half of 2011, according to new research from Lloyds TSB.

A total of 142 homes broke the million pound barrier in Fulham, while Hampstead came second with 100 sales followed by Chelsea with 92.

Among local authorities meanwhile, Hammersmith and Fulham had the third highest total. Across the borough, 198 properties changed hands for a million pounds or above, behind Kensington and Chelsea which recorded a total of 461 sales and Westminster with 375.

The research found that overall, the number of property sales worth at least a million pounds has risen to its highest level since the peak of the housing market in 2007.

There were 3,375 million pound property sales in Great Britain in the first half of 2011 - quivalent to 19 sales a day. This is the largest total since 2007, when the total reached 3,680 and 10% higher than in the same period in 2010, when it was 3,075.

This 10% increase was in marked contrast to the 9% fall in residential property sales as a whole over first six months of the year.

However, Lloyds TSB say million pound properties remain a very small part of the market, accounting for just 1.1% of total sales in the first half of the year. Even in London, million pound sales account for only 5.7% of all sales.

There are now an estimated 200,000 homes in Britain worth at least one million pounds.

London is driving the rise in million pound sales. Across the capital there was an increase of 237 sales from 1,926 in the first six months of 2010 to 2,163 in the same period this year. This meant almost two thirds of all million pound sales in Britain were in London.

The South East (690), East of England (227) and the South West (118) were the only other regions where million pound sales were in at least three digits

Suren Thiru, Lloyds TSB housing economist, says: "The number of homes sold for at least a £1 million has increased significantly over the past year in marked contrast to the rather more subdued picture across the rest of the housing market.

" Strong demand from wealthy cash rich buyers both in the UK and from overseas, as well as limited supply of such properties, has helped to boost the level of activity at the very top end of the housing market."

In Fulham, this activity is continuing in the second half of the year, as we reported earlier this month. During July and August, the Land Registry recorded 40 sales above £1 million, with six above £2 million and one, in Ellerby Street, above £3 million.

According to Right Move Fulham currently has 171 properties for sale for at least £1 million, with one, a five bedroomed house with a 69 foot garden in Fulham Palace Road, priced at £4 million. Described as " A rare double fronted detached house offering Ambassadorial proportions that has been beautifully refurbished and extended sparing no expense and offering excellent security",  the house is for sale through Chesterton Humberts and Sullivan Thomas.

 

October 26, 2011