The number of property sales worth at least a million pounds is at a record high, with 6,143 transactions recorded in the first half of 2014.
Research by Lloyds Bank shows that the figure is a significant increase of 46% compared to the same period in 2013 when sales of million pound properties numbered 4,198.
The bank says that million pound home sales have grown by 345% since the first half of 2009, when sales in this market segment were at their lowest (1,382) point in the past decade.
The increase in million pound home sales in the first half of the year significantly outpaced the 26% increase in the sale of properties below a million pounds over the period. However transactions over a million pounds account for just 1.3% of the national market.
At an even higher end of the market, there were 1,360 homes sold for at least two million pounds in the first half of 2014; 43% higher than over the first six months of 2013 when the number of sales totalled 949.
Of the 6,143 million pound home sales recorded between January and June, over 4,000 occurred in the capital with the South East recording the next highest share of the market with 1,096 million-plus sales.
The largest percentage rises in million pound home sales were in the North East (150%), West Midlands (100%), South West (87%) and the East Midlands (80%).
Property values in prime locations have been boosted by growing demand from wealthy, and often cash rich, buyers from the UK and overseas, as well as limited supply of such properties,” said Sarah Deaves, Private Banking Director at Lloyds Bank.
"Although demand has grown across all regions of Britain in 2014, the greatest concentration is in London -particularly the boroughs of Kensington & Chelsea and Westminster," she added.
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