Shropshire and the West Midlands are closing the gap on London in the £1 million plus property market – with the capital accounting for a smaller proportion of overall sales than ever before.
Over the past year, more than 16,200 properties sold across England and Wales boasted a price tag of £1 million or more, which was 1.85% of all property transactions.
As you would expect volumes vary significantly by region. One in every 10 properties sold across London bust the £1 million barrier and one in every 50 across the South East, while the ratio in the North East and Wales was just one in every 1,400 sales.
In nearly one quarter of local authorities across England and Wales no sales topped £1 million – but here in Shropshire we have seen an increase in the number of £1 million plus sales as buyers move to the area from elsewhere in the UK.
While volumes vary considerably, average prices are broadly similar, with the average price of a £1 million plus property in seven out of 10 regions between £1.30 million and £1.42 million. Only across London, the South East and North West do average prices exceed this range.
While London dominates the £1 million plus market, its share has diminished considerably over the past few years. Five years ago the London market accounted for over two-thirds of all £1 million+ property sales, now the figure is just 60%.