According to the UK Million Pound Property Report by Lloyds TSB Million pound prime property sales in the UK are increasing at their fastest rate since 2006 with the country now having 185,000 real estate millionaires. Despite the gloominess surrounding the UK and indeed many other housing markets, there were still over 7000 Million Pound Property sales in the UK in 2010, 54% higher than the previous year.
This 54% increase is the largest annual increase for 5 years, back in 2006 (Pre-economic crisis) there was a marginally higher 62%
increase in property transactions at this price level.
What does this indicate? That according to Lloyds TSB, Citi Private Bank and Knight Frank International, the wealthy still prefer to have money in prime residential property. Indeed if you look back at our recent article highlighting the investment trends of Ultra High Net Worth Individuals around the world, their preferred type of investment is property, second only to their own businesses.
The Lloyds TSB Million Pound Property Report is based upon UK land registry data and Registers of Scotland for properties valued at 1 million pounds and above from 2010, 2009 and 2007.