Million-pound home sales soar in the UK
In the UK, million-pound properties sales are rising at their fastest rate since 2006, and the country has 185,000 “real estate millionaires”, Property Wire reports, citing new data released in May.
In 2010 there were reportedly 7,185 million-pound property sales in the UK – a 54 per cent rise compared to 2009. This surge in high-end property sales is the biggest yearly increase since 2006, when million-pound property sales jumped 62 per cent, according to the report.
In terms of total volumes, as opposed to growth in the market, million-pound sales remain 13 per cent below their pre-financial crisis peak of 8,216 in 2007, Property Wire reports. Following the crisis, the number of sales reportedly plummeted 43 per cent between 2007 and 2009.
The latest data is, however, evidence that in the top-end of the market a revival is – for the time-being – underway.