|H & F has Britain's Third Highest Total of Million Pound Home Sales|
And borough's most expensive properties are in Hammersmith
Hammersmith and Fulham had more million pound property sales than almost any other borough in Britain during the first six months of 2011.
According to new research by Lloyds TSB, 198 homes across the borough changed hands for £1 million or above. This was the third highest total in the country, topped only by Kensington and Chelsea which recorded a total of 461 sales and Westminster with 375.
The research found that overall, the number of property sales worth at least a million pounds has risen to its highest level since the peak of the housing market in 2007.
There were 3,375 million pound property sales in Great Britain in the first half of 2011 - quivalent to 19 sales a day. This is the largest total since 2007, when the total reached 3,680 and 10% higher than in the same period in 2010, when it was 3,075.
This 10% increase was in marked contrast to the 9% fall in residential property sales as a whole over first six months of the year.
There are now an estimated 200,000 homes in Britain worth at least one million pounds.
However, the bank says million pound properties remain a very small part of the market, accounting for just 1.1% of total sales in the first half of the year. Even in London, million pound sales account for only 5.7% of all sales.
However, London is driving the rise in million pound sales. Across the capital there was an increase of 237 sales from 1,926 in the first six months of 2010 to 2,163 in the same period this year. This meant almost two thirds of all million pound sales in Britain were in London.
The South East (690), East of England (227) and the South West (118) were the only other regions where million pound sales were in at least three digits.
Suren Thiru, Lloyds TSB housing economist, says: "The number of homes sold for at least a £1 million has increased significantly over the past year in marked contrast to the rather more subdued picture across the rest of the housing market.
" Strong demand from wealthy cash rich buyers both in the UK and from overseas, as well as limited supply of such properties, has helped to boost the level of activity at the very top end of the housing market."
Within our borough, Fulham had most of the million pound home sales, a total of 142. However, the total in Hammersmith is also growing, and Hammersmith also contains the most expensive properties in the borough. According to Right Move Hammersmith currently has eight homes for sale at over £2 million, including a contemporary five bedroomed home in Stamford Brook priced £4,200,000, available through Savills and a seven bedroom 18th century Grade II lodge in Lower Mall priced £5,500,000 through Winkworth.
These priced however are dwarfed by the £11,000,000 being asked for Hammersmith's most magnificent property, Kent House by Hammersmith Bridge in Lower Mall.
Kent House boasts seven reception rooms, seven/eight bedrooms, five bathrooms, bar/lounge, media room, games room, gym, swimming pool, sauna, extensive landscaped gardens, private parking and of course staff accommodation.
October 27, 2011