Sales of Million-Pound Homes Jump in UK

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International buyers continue to fuel luxury home sales in London (Simon Dawson/Bloomberg News)

The UK luxury home market continues to defy the global economic doldrums. Sales of properties priced at more than 1 million pounds (Dh6.1 million) in the UK jumped 54 per cent in 2010, the largest increase in four years, according to research by Lloyds TSB.

There were 7,185 sales of more than 1 million pounds in 2010, including 125 homes priced at 5 million pounds or more.

Of course, the markets have been depressed for the last two years, so the increase is not too surprising. But the volume of luxury home sales came at a time when most of the UK market was what Lloyds terms "subdued," with prices either flat or falling.

"A small number of areas in London still account for the lion's share of all 1 million pound sales, with housing market activity in such locations continuing to benefit from strong demand from wealthy international buyers and limited supply," said Suren Thiru, Lloyds TSB Housing Economist. "In contrast, the level of activity across the wider housing market remains subdued.

One of the big luxury sellers was One Hyde Park, the most expensive apartment development in the UK, which was profiled in the National when it opened in January.

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