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Kensington and Chelsea still the most expensive place to live in Britain as £1million property sales rise 2% in 2012

The number of properties that sold for more than £1million in 2012 reached its highest level since the height of the housing boom but was still 10 per cent down on its 2007 peak, a new report published today has revealed.

Lloyds TSB said the number of million pound plus properties rose two per cent from 7,270 in 2011 to 7,397 in 2012.

However, million pound sales in 2012 were still 10 per cent lower than at the height of the property boom six years ago when 8,233 properties above the million pound mark were sold.

Prime location: Kensington and Chelsea continued to be the most expensive place in Britain to live with more properties selling for over £1million than anywhere else in the UK.

The million pound sector outperformed the rest of the market with sales under £1million falling by 3 per cent last year. Sales of property worth £1million or more accounted for 1.1 per cent of all national sales, the bank added.

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But sales of multi-million pound properties fell slightly in 2012. There were 1,584 property sales worth at least £2million last year a falls of two per cent from the 1,620 sales figure for 2011.

London and the South East continued to account for the overwhelming majority (85 per cent) of all million pound property sales in Great Britain in 2012.

Million pound sales are a much greater proportion of the market in London than elsewhere in Britain, representing 5.6 per cent of all sales in the capital in 2012. Scotland (14 per cent), the East Midlands (12 per cent) and Greater London (6 per cent) were the only regions to see a rise between 2011 and 2012.

Table showing the number of million pound property sales by region in Britain.

The remaining eight British regions all saw a fall in million pound sales in 2012. Wales saw the biggest drop in million pound sales (-71 per cent), followed by the north east (-40 per cent).

Nine of the 10 local authority districts in which recorded the highest number of million pound sales in 2012 were in London. Elmbridge in Surrey was the only area outside London that saw a similar proportion of sales as the capital. 

Nearly a quarter (24 per cent) of all million pound properties sold in Great Britain in 2012 were in Kensington & Chelsea (934) and Westminster (856). Five London boroughs accounted for more than two in five (41 per cent) of all million pound sales in the country.

Table showing the local authority districts with the highest number of million pound property sales.

Edinburgh (50) and Cheshire (32) recorded the highest number of million pound sales in 2012 outside southern England.

Nitesh Patel, Lloyds TSB’s Housing Economist, said: ‘Strong demand from wealthy, cash rich buyers, both from the UK and overseas, as well as limited supply has supported this sector of the market. As a result, sales at the very top end of the market are much closer to their peak levels than the market as a whole.’

The report comes amid a growing affordable housing crisis in London. Affordability levels for most first time buyers are so poor many have no hope of ever being able to afford to buy their own home in the capital.

But the situation has become more acute in recent years as wealthy foreigners have sought to invest in top end properties in London as a way of protecting their investments from the turbulent eurozone crisis driving up prices as a result.

Earlier this month new research showed certain parts of London have become ‘no-go areas’ for ordinary families with average rental costs breaking through a staggering £5,000 a month.

Table showing the percentage change in million pound property sales between 2011 and 2012.

The West End and areas around Sloane Square are the most expensive places to rent in London, with prices pushed to ‘astronomical’ levels by oligarchs and members of the global jet set competing to live within the capital’s most desirable postcodes.

Average rental prices here have risen to £5,394 – amounting to nearly £65,000 a year, according to the study by letting agent ludlowthompson. It added rental costs in Knightsbridge have increased by 9.5 per cent in the last year alone.

It now costs an average of £1.27 a week per square foot – just enough space to fit a wastepaper bin.

The dearth of affordable housing in the capital and rising costs of buying mean more than half of Londoners do not believe they will ever own their own home, a recent study by the charity Shelter revealed. Meanwhile two-thirds of renters are struggling or falling behind with their rent.

Last month, the Chancellor George Osborne announced a plan to help potential homeowners get onto the property ladder by providing guarantees for £130billion of mortgage lending amid concerns many were still having difficulty getting a mortgage. Critics have said the plan risks inflating the housing market once again leading to another crash.




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