Million pound homes sales on the rise in Leeds

Luxurious living is on the up as sales of million pound homes in England and Wales rose to lofty new heights last year.

By The Newsroom
Friday, 25th May 2018, 12:06 pm
Updated Friday, 25th May 2018, 12:17 pm
A total of 157 homes in excess of 1 million have been sold in Leeds since 2007
A total of 157 homes in excess of 1 million have been sold in Leeds since 2007

Sales of properties in excess of £1 million have more than doubled in 104 local authority areas of England and Wales over the past decade, with the biggest increase seen in the East of England, where sales have doubled.

In Leeds a total of 157 homes over £1 million have been sold since 2007, with the most expensive property selling for an eye-watering £3,180,000.

As little as 16 million pound properties were sold in Leeds in 2007, while 25 were sold in 2017, showing sales have increased by 56 per cent in the area.

A rising demand for luxury

In the UK as a whole, a total of 16,119 sales of homes for £1 million or more were completed last year, a steady rise of five per cent from 2016.

Investment in areas with leading universities has contributed to the rising house prices in some areas, leading some locations to experience a huge boost in million pound sales.

Cambridge saw the biggest rise, with a 441 per cent increase, along with Warwick (up 317 per cent), Oxford (up 270 per cent), Bristol (up 260 per cent) and York (up 150 per cent).

The rises in £1 million plus sales over the past decade come despite a drop in the market in the aftermath of the financial crisis, and while most of these sales were in London, millionaire's rows are becoming much more common place across the country.

How was the data calculated?

The findings are based on analysis from the BBC data team of Land Registry figures for England and Wales.

All residential transactions sold at full market value in England and Wales from the Land Registry price paid dataset were assessed for the period from January 2007 to December 2017.

All transactions at £1 million and above were then mapped to local authorities using the latest Ordinance Survey's Codepoint Open mapping file from February 2018, which contains data for each postcode unit in England and Wales.