Sales of property with values over GBP1 million went up by 36 percent in 2007 compared with the previous year according to Halifax data.
There were over 8,250 sales of million pound plus properties, with over three quarters of them being in the south east of England and London. The largest increase in sales of million pound properties was in Scotland, where the measured increase by the Halifax was 138 percent. This was followed closely by the north east of England, with a 136 percent increase.
The south east has always had strong property values, said a Halifax representative, so it is not surprising to see it heading the number of sales list. It is also notable that rising property prices nationwide have driven up these type of sales further afield.
Looking at activity in the housing market the Ntionwide Building Society sees that the most popular type of property for a first time buyer is the traditional terraced house.
Figures show that approximately 38 percent of people looking to get on the property ladder go for a terraced house, preferring these over other types of accommodation. In the housing market as a whole just over 25 percent of houses bought are terraced so the preference for terraced houses for first time buyers is considerable.
Logically it makes sense that this is the case since terraced properties tend to be both smaller and less expensive to buy than larger places. This means they can be better suited to a first time buyers requirements and also easier to get a mortgage for since the cost is less. The Nationwide Building Society has seen that prices for terraced houses are rising quickly though.
A study carried out by the Lloyds TSB mortgage department has found that the days of the removal man may be numbered as people take a do it themselves approach.
The bank surveyed their mortgage customers and found that over half of them were planning to move into their new home under their own steam, without employing professionals to move their goods. Lloyds TSB also found that the estate agent was being cut out of 10 percent of home sales as vendors sold privately.
A Lloyds TSB mortgage department advisor commenting on the results suggested that the economic climate could be driving these changes. The average cost of employing a professional removal company is over GBP7,000 so being able to save a lot of that makes good sense.
