University towns and cities witness the highest growth in £1 million plus homes

University towns and cities witness the highest growth in £1 million plus homes

Recent figures from the Land Registry have revealed that sales of £1 million plus homes in England and Wales rose to a new high last year (2017).

A total of 16,119 homes were sold for more than £1 million last year in England and Wales and that’s up 5.4% from 2016. Not surprisingly, most were sold in London, but sales have also doubled in the East of England – the biggest increase of any region.

Here are some of the key findings from the figures:

  • Sales in £1 million plus homes have more than doubled in 105 local authority areas of England and Wales since 2007
  • Towns and cites with leading universities have seen some of the biggest increases with Cambridge seeing a 441% rise, Warwick – 317%, Oxford – 270%, Bristol – 260%, and York – 150%
  • London has witnessed the highest house price increases in the past 10 years despite recent downturns in the market.
  • The borough of Hackney has seen the biggest percentage rise, up from 15 sales in 2007 to 270 in 2017.
  • The West Midlands, South East and South West have all seen more than a 50% increase in £1 million plus homes since 2007.

The university-effect on house price growth is an interesting one and as more university towns and cities invest in their infrastructure and academic offering, it is expected that this trend will continue.