More homeowners are purchasing properties worth over £1 million, with sales during the first half of the year having increased by 12 per cent from the first six months of 2015.
This is according to recent figures from Lloyds Bank, which showed 6,684 million-pound homes were bought at the beginning of 2016, following a six per cent decline during the same period between 2014 and 2015.
Earlier this year (April 1st 2016), a new stamp duty came into effect, with an additional three per cent levy being charged for second and buy-to-let homes. This is thought to have led to the increased number of sales at the turn of the year.
Private banking director at Lloyds Bank Sarah Deaves stated: “The strength of the London economy, stamp duty changes and the attractiveness of UK prime property to overseas buyers, could all play a part in the boost to sales at this level.”
The findings also revealed the north-east has experienced the biggest increase in million-pound homes, rising by 83 per cent between 2015 and 2016.
Typically, most purchases of these expensive properties are in London, the south-east and the east of England. However, the capital saw an increase of just eight per cent in the number of £1 million property sales, the lowest growth in the country.
Those who are lucky enough to afford a flash home in the north-west should make sure they maintain the property and its grounds properly, for instance by getting professional gutter cleaning in Merseyside.
By doing so, you will prevent gutters from falling, damp from seeping into the building, and icy floors outside of your home that can become a health and safety risk.