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Million-Pound Home Sales Soar in U.K. as Rich Change Lifestyle

(Bloomberg) — Sales of U.K. homes costing over 1 million pounds ($1.3 million) doubled last month, outperforming the rest of the market as wealthier buyers sought more space following the Covid-19 lockdown.

Agreed sales were 105% higher than a year earlier in August, compared to a 61% increase in sales of less expensive properties, according to property website Rightmove. Million-pound homes are also finding buyers 18 days faster than in 2019.



a screenshot of a cell phone: Hey Big Spender


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Hey Big Spender

U.K. real estate is booming after the lockdown held back months of transactions. Demand is being further fueled by a temporary tax reduction and the pursuit of lifestyle changes after the pandemic.

Pricey properties outside of London are benefiting most. Expensive homes jumped 244% in the largely rural county of Norfolk, 174% in Wiltshire and 165% in coastal Cornwall.

“Demand in higher price brackets is more responsive to external events,” said Tom Bill, head

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