Rise in £1m home sales

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The number of £1m homes on the market has risen by 11 per cent, according to research commissioned by Investec Specialist Private Bank.

Andrew Smith, research director at researchers PrimeLocation.com said: “Given the sustained demand for exclusive premier residences, we continue to see the prime sector outperform the overall UK residential market. With prime market stock continuing to rise and New Year bonuses just around the corner, global interest in this sector and flexible finance options are likely to remain high.”

Investec Specialist Private Bank offers a £1 million-plus mortgage, aimed at high net worth professionals who may not get paid along conventional lines, but can accrue irregular income such as lump sum bonuses.

The custom-made mortgage takes overall income and wealth into account rather than just the value of an individual’s property and their regular monthly income.