Is the East Midlands becoming the new hotspot for million pound homes?

Is the East Midlands becoming the new hotspot for million pound homes?

It may not be not a region renowned for glitz and glamour but the East Midlands is emerging as an unlikely hotbed for million pound homes, figures suggest. 

Sales of homes worth a million pounds or over in the region rose by 67 per cent in the first half of last year (up to 40 from 24), as the number being sold in London and the South fell, new house price data from Lloyds Bank Private Banking has revealed. 

The data shows a widening regional divide across the county in sales of million pound homes, with the East Midlands and Wales emerging as millionaire hot spots, while Brexit uncertainty is putting investors off London property.

Over the same period there was a 100 per cent increase in the number of million pound plus homes sold in Wales during the first half of 2018, (up to 18 from 9 in 2017). 

Meanwhile the sale of million pound plus homes in London continued to decline, down by 8 per cent from 3,940 homes in the first half of 2017 to 3,628 in the first half of this year. The capital’s market share of million pound homes also decreased to 57 per cent, down by 3 per cent from 60 per cent in 2017.

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