Number of £1m London home set to double

12th September 2014

A new report from Savillshas forecast that the number of homes sold in London for £1m or more will increase by almost half by 2018 amid rising house prices and prosperity in the capital.

It believes that more than 11,000 homes will be sold in the capital for more than £1m in four years, with the ?1m map expanding to include Crystal Palace and Isleworth in Greater London. If Savills forecast is correct, it would represent a jump of 47% compared with 2013, when 7,529 homes were sold for ?1m or more, according to Land Registry figures. Lucian Cook, director of research at the agents, warned that if a mansion tax was not introduced sensitively, the rate at which families enter it as property values appreciate could “put a fairly sizeable spanner in the workings of London's prime property market”.

The Guardian (11/09/2014)