High-end properties boost in Q4
London saw a substantial boost in the number of properties for sale over £500k with a staggering 82.5% rise from the Q4 2013 total of 5,708 to the Q4 2014 total of 10,414.
Unsurprisingly, this is also by far the highest total of properties over £500k in the country, with the South East total of 3,963 some way off in second.
Scotland also saw an impressive rise in properties worth £500k – up 129.9%. In terms of numbers, this still equates to a relatively low total of 407 properties.
The number of properties for sale at the more affordable end of the market (less than £100k), also rose by 16.9% across the UK, with the North West leading the way (up 41.20%).
The only region to see a fall in properties for sale across all price bands was the North East (down 7.90%), where the volume of properties for under £100k entering the market saw the second biggest fall after London (down 15.5%).
Jonathan Westley, managing director of Consumer Information Services at Experian UK & Ireland, said: “With more homes being bought under the government’s ‘help to buy’ scheme and increasing numbers of properties appearing for sale, this could mean more people hoping to get onto the property ladder this year.
“Once they’ve found the house they love, they’ll want to move quickly and that means having a mortgage in principle already agreed.
“However, over a third of people are probably unable to afford a property in their own area.”