The top end of the property market has defied the economic downturn in the UK and has become the fastest moving property sector for sales of properties worth £1 million and above.
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According to research by Lloyds TSB, over 7100 homes have been sold for over £1 million, which is a 54% increase compared to 2009 and the largest annual increase since 2006.
Most of the million pound home sales took place in the South East of the UK and in and around London, with a total of 83% of sales transactions made out of the whole of the UK.
However, the West Midlands and new homes in Birmingham saw the biggest increase in sales of 109%. The East of England, new homes in Suffolk and new homes in Norfolk also saw an above average increase of 62%.
However, there were also a number of regions which didnít see an increase but a decrease in sales for £1 million and above, such as sales of new homes in Wales decreasing by 25% during the year. New homes in Scotland also saw no increase in sales growth.
Suren Thiru, Lloyds TSB housing economist, said: "The number of properties sold for over £1 million has risen substantially over the past year, reflecting the strength of the very top end of the housing market.
"A small number of areas in London still account for the lion's share of all £1 million sales, with housing market activity in such locations continuing to benefit from strong demand from wealthy international buyers and limited supply.In contrast, the level of activity across the wider housing market remains subdued."
Further at the top end of this property sector, multi-million pound properties also saw a marked increase, with properties over £2 million, mostly in London, seeing a rise of 62% and properties sold for over £5 million seeing a 79% increase in sales.