Some 14,474 homes were sold for more than £1 million across Britain last year, up from 13,748 in 2016, Lloyds Bank Private Banking found – the highest annual figure on its records going back to 2007.
The numbers increased despite a fall in million-pound house sales during the first half of 2017, which was then eclipsed by a strong performance in the last six months of the year, Lloyds said.
More than half of million-pound property sales took place in London last year, but the number of transactions there only increased by 1 per cent year on year.
Meanwhile, million-pound house sales in Yorkshire and the Humber surged by 60 per cent in the same period, albeit from a much lower base.
Sales in the North West were up by 46 per cent compared with 2016, and increased by 28 per cent in the West Midlands.
The only area where million-pound home sales fell in 2017 was the East Midlands, which saw a 23 per cent fall.Lloyds said that, over the past decade, the number of million-pound house sales across Britain has ballooned by 73 per cent.
The increase has not been steady, however, with only 7,862 transactions in 2012 – just over half the number seen last year.
Louise Santaana, head of UK wealth lending at Lloyds Banking Group, said: “The million-pound property market got off to a poor start last year, but made a good recovery in the second half.
“Overall, 2017 was slow for the UK economy, with high inflation and low wage growth.
“But high-end home-owners and investors in many parts of Great Britain are starting to regain their confidence in the market, with exceptional growth seen in Yorkshire and the Humber and the North West of England.
“As always, the highest number of transactions took place in the capital last year; however, growth in London has started to slow for million-pound properties.
“Overseas investors represent a good share of this end of the London market and some may be holding off buying, pending further clarity over Brexit.”
Figures from the Land Registry and the Registers of Scotland were used for the report.
Here are the numbers of million-pound home sales in 2017 and the annual percentage change, according to Lloyds Bank Private Banking:
London, 8,308, 1 per cent
South East, 3,377, 12 per cent
East of England, 1,208, 1 per cent
South West, 676, 21 per centNorth West, 294, 46 per cent
West Midlands, 198, 28 per cent
Scotland, 158, 4 per cent
Yorkshire and the Humber, 133, 60 per cent
East Midlands, 72, minus 23 per cent
North East, 27, 13 per cent
Wales, 23, 10 per cent