Brexit uncertainty sparks surge in £10m+ property sales

300 homes sold for over £10m in 2017, an increase of 100 from the previous year, as Brexit uncertainty made property price tags at the highest end of the market significantly more attractive.

A third of the homes sold in 2017 valued at over £10m were bought by second home owners. This category of buyer was very active with prime properties, too, with the number of second home owners buying properties costing over £2m more than doubling in 2017 to 1,900.

Meanwhile, figures show that the number of homes sold for more than £1m exceeded 20,000 for the first time in 2017.

Jonathan Samuels, chief executive of Octane Capital, commented: “The mainstream property market saw transaction levels tail off considerably following the EU referendum vote, but at the very top end of the market activity levels soared as ultra-wealthy opportunist buyers cashed in on rapidly softening prices.

"The weakness of Sterling means a fair percentage of these buyers were almost certainly based overseas, as some of Britain’s wealthiest cities became a goldmine for foreign investors seeking a bargain. The fall in the Pound more than compensated for the 3% stamp duty surcharge on additional properties."