Record number of £1m houses

(Photograph: Eddie Mitchell){}
(Photograph: Eddie Mitchell){}

It may perhaps come as no surprise.

It may perhaps come as no surprise.

In a year characterised by sharply-increasing house prices in Brighton and Hove, a record number of properties have sold for £1 million or more.

About this time last year, we reported that Land Registry data showed a total of 35 £1 million-plus properties changed hands, equalling the previous annual record set in the whole of 2012. Their aggregate value was £47.9 million.

Today, we can reveal that 60 properties valued at £1 million or more were bought and sold in the first 11 months of last year.

Their aggregate value was £88,651,500.

For that, you could buy more than 255 homes at the average price of 346,987.

Let's repeat that: for the price of the 60 most expensive homes in our city, you could buy 255 homes of average value.

There's more. Research by Brighton and Hove Independent has revealed only eight of the 60 properties that sold for £1 million or more were in the highest council tax band, Band H; 38 were in the second-highest band, Band G.

With much of the national political discourse about Labour's "mansion tax" on homes worth more than £2 million, the figures are revealing. It is estimated 80% of revenue from the so-called mansion tax will come from London properties. In Brighton and Hove, only three homes sold for more than £2 million.