£1 million apartment sales triple in 10 years

PUBLISHED: 08:04 19 April 2017 | UPDATED: 08:04 19 April 2017

High end apartments are selling in ever increasing numbers in the capital

High end apartments are selling in ever increasing numbers in the capital

TonyBaggett

Sales of £1 million-plus apartments have increased by 196 per cent in England and Wales in the last decade.

High end apartments now make up nearly a quarter of all million-plus sales, with 96 per cent of these taking place in London.

Lloyds Private Banking reports that there were just 1,002 million pound apartment sales in England and Wales in 2006, compared to 2,967 in 2016.

The South East had the highest percentage increase of apartment sales in the past decade with a nearly fivefold (389 per cent) rise from nine sales in 2006 to 44 in 2016.

The East of England – which includes Hertfordshire – was next, with a 283 per cent increase, followed by the South West (150 per cent).

These apparently huge increases came from very low bases however, with these three regions accounting for only 3 per cent of all £1 million-plus apartment transactions in 2016.

Louise Santaana, Head of Lending at Lloyds Private Banking, said: “The past decade has seen substantial increases in the number of million pound apartments sold, outpacing all other property types.”

“Outside London, the South East, South West and East of England have seen between two and a half and fivefold growth in the numbers of million pound apartment transactions, but still only account for three per cent of the market.”

House sales continue to dominate at the top end of the market in Hertfordshire, however.

There are currently 20 apartments listed for sale in this price bracket on RightMove, compared to 911 properties in total.

The majority of the high-end flats are conversions from historic homes, such as the four-bed flat in country manor, Tewin Water House, Tewin Water, Welwyn, which has a guide price of £1.5 million.

Latest South Hertfordshire Property News

13:10

There are 2,475 long-term vacant properties in Hertfordshire with a combined value of £976.5m.

Read more
08:00

The average property price in England and Wales has hit a record high – and the biggest year-on-year increase was in the East of England.

Read more
Yesterday, 17:00

89 per cent of people looking to move feel that finding their next property is harder than selling their existing home.

Read more
Yesterday, 10:34

Confidence in the UK housing market has stabilised after a record period of decline, a new study has revealed.

Read more
Friday, April 21, 2017

Speaking as someone who still manages her social life via an actual physical calendar on the kitchen wall and hadn’t downloaded an app until about six months ago, this week’s techie homes feature - available to view in our e-edition - is a revelation.

Read more
Friday, April 21, 2017

As the weather improves and we move closer to summer, it’s time to add the finishing touches to your outside space.

Read more
Thursday, April 20, 2017

Beautiful views, local hotspots, history and transport links make Essendon an all-rounder to suit the needs of the whole family.

Read more
Thursday, April 20, 2017

While some home owners favour a blank canvas in neutral shades, others prefer to make a statement with their choice of décor.

Read more
Wednesday, April 19, 2017

The weather’s taken a turn for the better, but is your lawn summer-ready? Lawn expert David Hedges-Gower’s advises on how to make sure your grass is looking great

Read more
Wednesday, April 19, 2017

Sales of £1 million-plus apartments have increased by 196 per cent in England and Wales in the last decade.

Read more
Tuesday, April 18, 2017

30 per cent of the apartments at a new assisted living development in St Albans have been sold off plan.

Read more
Tuesday, April 18, 2017

Ever since a dilapidated shoebox of a house in Chelsea sparked a bidding war which saw its price rocket to over £700,000 – a massive £2,461 for each of its 290 sq ft – the property world has been buzzing with ideas on what to do with the tiniest spaces.

Read more
Monday, April 17, 2017

For most of us, buying and selling property is a huge deal, both financially and emotionally.

Read more
Friday, April 14, 2017

Datchworth is one of Hertfordshire’s easterly villages, located between Welwyn Garden City, Hertford and Stevenage.

Read more
Thursday, April 13, 2017

One of St Albans’ premier private residencies, set in secluded landscaped grounds of around 3.8 acres, is on the market.

Read more
Thursday, April 13, 2017

Alastair Woodgate of Rumball Sedgwick, leading Chartered Surveyors in St Albans and Watford, looks at the difference between fixtures and fittings.

Read more
Wednesday, April 12, 2017

When it comes to making decisions about home renovation projects, women wear the trousers – it’s official.

Read more
Wednesday, April 12, 2017

Forming part of the Ayot Estate, the recently refurbished Chalkdell Farmhouse dates back to the 18th century.

Read more
Tuesday, April 11, 2017

Ever wondered which day of the week is the best for putting your house on the market?

Read more
Monday, April 10, 2017

You don’t need a garden the size of Amsterdam’s famous Keukenhof to show off your tulips, as columnist Deborah McMorran explains...

Read more
Monday, April 10, 2017

If money were no object, there’s a good chance at least one of these stunning properties would be on all of our ‘to buy’ lists.

Read more
Friday, April 7, 2017

Running along the River Beane in East Hertfordshire is the leafy village of Waterford. Rachel Love found out all about it…

Read more
Thursday, April 6, 2017

Okay, so who here thinks they’re house-proud? And what does being house-proud actually even mean?

Read more
Wednesday, April 5, 2017

Buying to let can be a complex business. Landlords are advised to follow a few simple steps to ensure they make the best investment possible.

Read more
Tuesday, April 4, 2017

A recent spike in burglaries in Hertfordshire means we can’t be too careful when it comes to securing our homes.

Read more
Monday, April 3, 2017

The housebuilder responsible for a major assisted living development in St Albans is looking for a local charity to support.

Read more
Monday, April 3, 2017

The Hertfordshire village of Pirton proudly describes itself as being ‘Pretty as a picture and proud of its past’.

Read more
Friday, March 31, 2017

Do you love where you live? Even if the answer’s no, it might be worth pretending otherwise for a chance of winning £250.

Read more
Friday, March 31, 2017

In little more than three weeks last month, 212 homes in Hertfordshire were broken into – 59 more than there were in the same period the year before.

Read more
Thursday, March 30, 2017

With its close proximity to London, great schools, beautiful countryside and pleasant towns and villages, Hertfordshire has a justifiable reputation as an expensive place to live. Living here doesn’t have to break the bank however, as Stephen Froome discovered…

Read more

HERTS AD PROPERTY E-EDITION

Image
Read the Herts Ad Property e-edition E-edition

NEWSLETTER SIGN-UP

Get the latest St Albans and Harpenden property news and features straight to your inbox with our regular newsletter

I am also happy to receive other emails...
Fields marked with a * are mandatory
Email Marketing by e-shot

MOST READ

search


e.g. Oxford or NW3
Powered by Zoopla

Local business directory

Hertfordshire's trusted business finder