Sales of £1million+ flats in the UK fall for fourth consecutive year

Sales at the very top-end of the market also fell. Lansdown’s analysis found that 21 flats were sold for £10m+ in 2021, a drop of 58% on the 51 sold in 2020. This is also well down on the 2019 peak of 77 £10m+ flats being sold.

The most expensive flat sold in the UK in 2021 was a luxury apartment in the exclusive One Hyde Park development, going for a huge £111m. At the other end of the scale was a one-bedroom flat in Washington, Tyne and Wear which was sold for just £15,000.

Responding to the report, Darren Bee, Associate Director of Lansdown Insurance Brokers said: “This month’s average price of flats data shows that, in general, demand for flats is increasing across the UK with average prices rising 7.3% in Scotland and 6.8% in Wales.

“Although London prices still appear relatively stagnant it’s clear that elsewhere the rate of growth we’ve been seeing in average flat prices since early 2021 is continuing.”

“However, the very top-end of the UK flat sales market is clearly still struggling. 2021 once again saw a significant drop in the number of £1million+ and £10million+ properties sold and we don’t foresee this changing dramatically in 2022, given the current economic outlook.”

*Source: Lansdown Insurance Brokers