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Prime Property Proving Resilient in the UK

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Million Pound Homes  Prime Property Investment  Housing Market 

Prime Property Proving Resilient in the UK

By - Wednesday 04 May 2011

The number of million pound home sales in the UK has risen at its fastest rate since 2006, according to research by Lloyds TSB. According to the organisation, there were 7,185 million-plus transactions in 2010, up 54 per cent on the previous year.

It represents the largest annual increase since 2006 and is indicative to the continued recovery at the prime end of the market. In total, there are now an estimated 184,000 homes in Britain worth at least one million pounds.

However, despite this significant increase, million pound property sales remain 13 per cent below the levels they reached before the onset of the financial crisis in 2007, following a 43 per cent decline in sales between 2007 and 2009.

Suren Thiru, Lloyds TSB housing economist, said that a small number of locations in London continues to account for the "lion's share" of all million pound sales.

"Housing market activity in such locations continues 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," she added.

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