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Britain’s most expensive houses in 2022 as prices rise by over 10% in a year

The rise in property prices reflects a number of factors, including in response to changing land transfer taxes. Across England and Wales there were 1,883 sales of £1m or more, including 374 for £2m or more

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Britain’s most expensive houses in 2022 unveiled as prices rise over 10 per cent in a year

Average house prices in the UK rose 10.9 per cent over the year to February 2022, up from 10.2 per cent in January 2022, according to the latest figures.

Between early 2016 and late 2019, UK house price growth slowed across the board, mainly due to a slowdown in the south and east of England, according to the Office for National Statistics.

In the beginning of 2020, the annual growth in the housing market accelerated before the introduction of the coronavirus restrictions at the end of March 2020.

Recent price increases may reflect a number of factors, including some possible changes in housing preferences and a response to changes in land transfer taxes in countries.

In July 2020, the Chancellor announced a suspension of taxes paid on property purchases in England and Northern Ireland, with similar suspensions announced in Scotland and Wales.

Have you sold a property for over £2m this year? Let us know at webnews@mirror.co.uk







Average house prices have increased by 10.9%
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Picture:

Tim Graham/Getty Images)

In England and Northern Ireland, property would be tax-free up to a value of £500,000, while the thresholds for Scotland and Wales would be £250,000. This can allow sellers to charge higher prices as the overall cost to buyers decreases.

Scotland’s tax exemption ended on 31 March 2021.

It was extended to 30 June 2021 in Wales, while it was extended to the same date in England and Northern Ireland, but the threshold will then be reduced to £250,000 before ending on 30 September 2021.







Chancellor of the Exchequer Rishi Sunak
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Picture:

PA)

This may have fueled a surge in demand in mid-2021, when annual price increases rose to 13.5% by June 2021.

September saw another smaller rush, with annual growth of 11.5% for the month.

According to the Land Registry, 22,298 house sales were registered in January, 29,353 in February and 9,519 in March.

It may take several weeks for sales to be registered after completion, so some sales from a later period may not be listed.







Located in Launceston Place, west London, this property sold in January for £7,950,000
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Picture:

Google Street View)

The impact of the coronavirus has meant that sales are taking longer to register.

The Land Registry has also warned that its services are likely to be disrupted due to the pandemic, particularly the process of registering a new sale, likely resulting in a lengthy delay between the completion of the home sale and the updating of records at the Land Registry.

Based on data covering the period to date there have been 1,883 sales of £1m or more across England and Wales, including 374 for £2m or more.







This apartment in Lancelot Place, South West London sold for £11,250,000 in March
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Picture:

Google Street View)

The land register lists the price paid for each property purchased at market value.

The data also includes power of attorney sales/redemptions, purchase-to-lease (where they can be identified by a mortgage), and transfers to non-private individuals.

As the dates depend on buyers or their solicitors registering the sale and the price paid with the land registry, there may be errors in the listings which are usually corrected at a later date.

Problems can include numbers with too many digits or share prices paid for a partial share listed as a total price.

The most expensive January to March sales in all of England and Wales

  • 14 Hyde Park Gate, London, Kensington and Chelsea, Greater London, SW7 5DG, a terraced house sold for £22,700,494 on 6th January
  • 24 Smith Street, London, Kensington and Chelsea, Greater London, SW3 4EW, a terraced house sold for £13,000,000 on 11th January
  • 23 Thurloe Square, London, Kensington and Chelsea, Greater London, SW7 2SD, a terraced house, sold for £11,900,000 on 14 redemption)
  • Apartment 5.1, 10 Lancelot Place, London, City of Westminster, Greater London, SW7 1DR, an apartment sold on 17th March for £11,250,000
  • Apartment 701, 4 Pearson Square, London, City of Westminster, Greater London, W1T 3BH, an apartment sold for £10,700,000 on 9 February
  • 18 Thurloe Square, London, Kensington and Chelsea, Greater London, SW7 2TE, a terraced house sold for £9,900,000 on 11th January
  • 27 Lancaster Road, London, Merton, Greater London, SW19 5DA, a detached house sold for £9,075,000 on 4th February
  • 9 Coleridge Square, London, Kensington and Chelsea, Greater London, SW10 0RT, a terraced house sold for £8,750,000 on 31st January
  • 30 Launceston Place, London, Kensington and Chelsea, Greater London, W8 5RN, a semi-detached house sold for £7,950,000 on 31st January
  • 14 Rosecroft Avenue, London, Camden, Greater London, NW3 7QB, a semi-detached house sold for £7,700,000 on 4th February
  • 21 Powis Mews, London, Kensington and Chelsea, Greater London, W11 1JN, a terraced house sold for £7,700,000 on 11 redemption)

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https://www.mirror.co.uk/news/uk-news/britains-most-expensive-houses-2022-26963808 Britain's most expensive houses in 2022 as prices rise by over 10% in a year

Fry Electronics Team

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