The past decade has seen substantial increases in the number of million pound apartments sold in the UK, outpacing all other property types
In the UK over the previous decade it has seen considerable increase in the quantity of million pound apartments sold, outpacing all other property types.
The most recent research from Lloyds has discovered that offers of million pound flats have seen numbers increase by 196% since 2006 – jumping from 1,002 to 2,967 out of 2016.
- 22% of all million pound property sales in England and Wales were apartments
- Apartments accounted for 26% of the increase of all million pound property sales between 2006 and 2016 in England & Wales
- 96% of million pound apartment sales are in London
- The number of apartment sales in the capital has increased nearly threefold (193%) from 973 in 2006 to 2,853 in 2016, representing 35% of all million pound property sales in Greater London in 2016.
- The South East had the highest percentage increase of apartment sales in the past decade with a nearly 5 times (389%) rise from 9 sales in 2006 to 44 in 2016
- In London the Borough of Kensington & Chelsea increased the most by 374, from 357 in 2006 to 731. The apartment sales in the Royal Borough represented 25% of all million pound apartment sales in England & Wales in 2016.
- Apartment sales in Kensington & Chelsea now account for 72% of the borough’s million pound property sales
- Westminster follows with an increase of 369 transactions, from 412 in 2006 to 781 in 2016, accounting for 82% of all million pound property sales in the borough last year compared to 59% in 2006.
- Hackney had the largest rise from zero sales in 2006 to 47 in 2016, followed by Haringey (15), South East’s Windsor & Maidenhead (14), East of England’s St Albans (10) and Brent (10).
- There are two local authority districts with average apartment prices above £2 million. Westminster apartments are the most expensive at an average price of £2,215,073 followed by Kensington & Chelsea (£2,158,151).