Million Pond home

The first half of 2015 has seen the number of £1m property sales decline by 11 per cent compared with the same period last year.

This is the first significant drop since the first half of 2012, according to research from Lloyds Bank. However, over the longer term, the data from the high-street lender also showed sales of £1m homes had risen 264 per cent since the first half of 2005. Sarah Deaves, private banking director at Lloyds Bank, said: “The number of homes sold for more than £1m has fallen sharply over the past year, with a pronounced slowdown in the prime and Central London market.

“This may be the effect of the new stamp duty rates introduced last December and uncertainty generated by the election in May.”

The research also showed average house prices of more than £1m in Virginia Water, Cobham and Beaconsfield – the first time the average property price has hit £1m outside of London.

10 local authority districts with the highest number of £1m-plus property sales in each region, H1 2015

Region

Local Authority

£M+ Property Sales H1 2015

London

Kensington and Chelsea

559

South East

Elmbridge

146

East of England

St Albans

73

Scotland

Edinburgh

63

South West

Poole

31

North West

Cheshire East

23

West Midlands

Stratford-on-Avon

9

Yorkshire and The Humber

Leeds

8

East Midlands

South Northamptonshire

7

North East

Newcastle upon Tyne

4

Wales

Cardiff

3

Sources: Lloyds Bank, Land Registry and Registers of Scotland. Covers the first six months of the year (January to June)

Adviser view

xxxxxxxxx  xxxxxxx, mortgage adviser for Evans Hart , said: “The £1m average is a ripple-effect spreading from London. The decline in £1m property sales shows the impact of rising costs such as stamp duty on those buying at the top end of the scale.”

559

£M+ Property Sales in Kensington & Chelsea in Q1 2015