Over the past decade, the number of luxury apartments sold across the UK has soared, according to new reports, which show that London is leading the way when it comes to long-term growth in this regard.
According to findings published by Lloyds Private Banking, in the space of just ten years, the number of sales of apartments costing more than a million pounds has climbed by a staggering 196 per cent.
This makes apartments the fastest growing asset in the luxury market, far outpacing the rate of increase for million pound-plus terraced homes (165 per cent), semi-detached properties (154 per cent) and detached houses (88 per cent).
The report also showed that the proportion of the property market that is made up of luxury apartments has climbed markedly in the space of just ten years. Lloyds' figures show that in 2006, these types of property accounted for 17 per cent of the sector. However, by the end of 2016, this had climbed to 22 per cent, with luxury apartments accounting for 26 per cent of the overall increase in sales above a million pounds in the last decade.
And what is not surprising is that the luxury apartment market is still seeing London as its leader, with the capital experiencing higher numbers of sales than any other city in the last few months.
Of all the million pound-plus sales of apartments across the country, 96 per cent take place in London, the data shows, and over the last ten years, there has been an increase of 193 per cent in the number of sales of these properties.
Overall, apartments now account for 33 per cent of all sales costing more than a million pounds in London, showing just how popular such assets have become.
"The past decade has seen substantial increases in the number of million pound apartments sold, outpacing all other property types, dominated by London. A finite supply of land in prime central London combined with a growing population has meant the only way is up with more and more developers focusing on apartments," said Louise Santaana, head of lending at Lloyds Private Banking.