Co Durham £1m+ property sales on the rise

Sales of high-end properties throughout County Durham have risen by more than 2,000 per cent in the last five years, new figures show.

A recent study by mortgage broker Private Finance has revealed that luxury property is increasingly sought after in the county, with transactions involving exclusive homes in County Durham rising by 2,600 per cent, the Daily Express reports.

Among the top ten areas recording the highest growth in high-end property sales between 2011 and 2016 was Surrey, Hampshire, Greater Manchester and the West Midlands.

House price values are rising faster year-on-year in a number of areas outside London, the publication reports, outpacing the capital. If trends continue, more than half of high-end sales will be taking place outside Greater London by the end of the year.

Shaun Church, of Private Finance, told the publication: “Even for many highly-paid professionals, a large family home in the capital is now out of reach.”

The result of this is that buyers are looking further afield, which is contributing to growth in £1 million or more sales, he said.

Mr Church went on to add that such sums are significant financial commitments, suggesting that this growing section of the buying public may need to look to private banks and brokers willing to accept more unconventional ways of funding their property purchase, such as through fine art or jewellery.

According to reported Land Registry data, residential transactions worth £1 million or more have risen by 195 per cent in the last five years. Meanwhile, the total number of transactions overall increased by just 54 per cent in comparison.

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