The number of big-ticket real estate purchases rose across England and Wales last year by 6% compared to the year prior, according to a report from Knight Frank.
There were 19,100 property sales over £1 million (US$1.36 million) across the two countries in 2017, and the areas that saw the most notable rises in activity were markets outside of London and the traditional "commuter zone," said last week’s report from the brokerage.
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The real estate market’s north-south divide was apparent as the biggest annual increases in sales priced at £1 million and over came from Yorkshire, up 40%, followed by the North West (36%) and the West Midlands (19%). These are regions of England which have seen "fairly good house price growth in 2017," wrote Oliver Knight, research associate at Knight Frank, in the report.
This "partially explains the rise in million-pound transactions, even with higher rates of stamp duty at this end of the market," he said.
There were 18 areas outside of London that recorded 100 or more £1-million-plus transactions last year, up from 14 areas in 2016, due in large part to house price growth in regional markets and steady demand, according to the report.
The affluent Elmbridge, in Surrey, was home to the largest number of £1 million-plus sales outside of London, with 22% of total sales in 2017 in the area exceeding £1 million.
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The capital still reigns when it comes to pricey transactions, though, accounting for 60% of all £1-million-plus sales last year, the report said.
In posh Kensington and Chelsea, £1 million or more was paid for 64% of all properties sold in 2017. Along with Westminster—where 51% of all sales last year were above £1 million—these were the only parts of England and Wales in which the majority of properties sold for £1 million or more.