This is despite small falls of 3.2 per cent in the number of £1m+ sales seen in 2015. This was brought about primarily because of falls of 6.2 per cent in London, where higher value property has become more impacted by the increase in stamp duty. However there were some notable exceptions, with the boroughs of Hackney and Lewisham reporting a 27 per cent and 23 per cent rise respectively in 2015.
Similarly despite the higher rate of stamp duty in 2015, and uncertainty around the general election, several regions outside London have reported strong growth.
Outside the Capital, of those local authorities which recorded more than 30 sales of £1m+, Epping Forest, East Hertfordshire, Wokingham, Bristol and Cambridge saw the biggest five-year increases with total sales almost tripling (+191 per cent). Other urban locations showing strong growth were Oxford, Winchester and Brighton and Hove.
In Oxford and Cambridge growth has been such that the £1m+ semi or terraced house has become a regular feature, with these two property types accounting for 60 per cent of £1m+ sales in the two cities in 2015.
The urban £1million+ hotspots