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Rise of the £1million flats

Rise of the £1million flats

21 April, 2017

Million-pound apartment sales in England and Wales have nearly trebled in a decade. Nearly 3,000 flats worth £1 million or more were sold last year, a 196 per cent jump from 1,002 in 2006. Nearly all of the the plush properties were based in London - 96 per cent - and made up a third of all million-pound addresses sold in the capital that year, data gathered by Lloyds Private Banking showed. Westminster is home to the most expensive apartments in the UK, with an average price of £2,215,073. A spokeswoman said the jump was partly explained by a growing population and increasing demand. Kensington and Chelsea saw soaring numbers of the luxury spaces being snapped up, where 731 flats sold compared with 357 in 2006, overtaking terraced houses as the most popular million-pound properties. In up-and-coming Hackney, east London, there were no million-pound apartments sold in 2006. Last year, there were 47. The figures, taken from the Land Registry, found the exclusive flats now make up 22 per cent of all million-pound property sales in England and Wales. Sales of flats worth more than £1 million have grown at a far greater pace than houses.

The sale of detached homes over the one million mark rose 88 per cent, while semi-detached increased 154 per cent and terraced houses went up 165 per cent over the same period. Head of Lending at Lloyds Private Banking, Louise Santaana, said: 'London dominates the million-pound flat market, with the prime areas of Westminster and Kensington and Chelsea accounting for over half of all million-pound apartment sales in England and Wales. 'A finite supply of land in prime central London combined with a growing population has meant the only way is up, with more and more developers focusing on apartments. 'In the past decade there has been a large increase in the building of high value apartments in Knightsbridge, West End, Victoria and King's Cross, while Marylebone and Mayfair being the top two locations for most development. 'With demand still high, there are more in the pipeline.'