232 St Albans homes sold for over £1m in past year
The most expensive property sold for the price of £4.7 million. - Credit: Tierra Mallorca on Unsplash
According to a recent study, St Albans has seen 232 properties sold for over £1 million in the past 12 months.
The research was conducted by Property Solvers, and included homes sold across the AL postcodes, between July 2021 and July 2022.
The total value of these sales reportedly reached £349.98 million, a 64% decrease from last year's figure of £679.61 million.
The most expensive property sold in the area, came in The Park, St Albans, AL1 4RX.
This sold for the price of £4.7 million.
As for the number of properties sold, St Albans is 15th across England, Wales and Scotland.
The city sits above Oxford, but below Edinburgh in the table.
Ruban Selvanayagam, co-founder of Property Solvers, commented on this year's decreased figures: "Although there remains a fairly healthy volume of sales in this price bracket, such a pronounced drop would suggest that buyer appetite for these types of homes is decreasing.
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“£1 million plus properties - even for the wealthy - are major commitment and indeed affected by the wider economy.
“With unabated inflationary pressures and rising interest rates as a result, it would not be too much of a surprise to see a continued cooling off across the high-end property market in the coming year at least."
