11 Dec 2019
The UK’s property market has witnessed a significant increase in the number of million-pound property sales, as rich homebuyers are unfazed by ongoing Brexit uncertainty and political turmoil.
Sales of top-end properties surged 5% during the first six months of 2019, with both buyers and sellers seen aggressive in the market ahead of potential property price increases.
Estate agents believe that hopes of the Conservative Party taking the lead ahead of Thursday’s general election result, have boosted sales in the Midlands and Northern England.
Roughly 6,891 homes priced at over £1 million were sold between the January and June 2019 period, up 5% from the same period the previous year, reports The Times.
“There has been a resurgence in demand in the last year,” said head of sales for estate agent Savills in York, Ben Pridden, speaking to the newspaper.
“People are tired of putting their personal needs on hold for the political situation. It has added impetus now with the view that Brexit is on the horizon and maybe it is the time to move before the market takes off.”
During the first half of this year, 61 homes worth £1 million were sold in the North East, compared to eight in the same period in 2018.
The Land Registry data, compiled by Lloyds Bank, also revealed the number in the East Midlands climbing from 40 to 133, and from 46 to 151 in Yorkshire and the Humber.
In London, the sales of homes worth £1 million fell 5%, from 3,720 to 3,534, although half of the property purchases all over the UK were recorded in the capital city.
The news arrives following a building societies report which showed that consumer confidence that house prices will continue to escalate over the next 12 months is stronger than it was a year ago.
Uncertainty surrounding Brexit and the upcoming general election are regarded as significant threats to the market in 2020 however, according to the Building Societies Association (BSA).
Almost three in 10 (roughly 28%) people expect house prices will go up over the next twelve months. The statistics are five percentage points higher compared to last year.
Brexit and the General Election result, chosen by 43% and 30% of the participants respectively, are widely seen as the key factors threatening the stability of the property market in 2020.