HUNDREDS of homes were sold at more than £1 million in the last year, despite the cost of living crisis.
Some 247 properties in the BN postcode area went for £1 million or more in the 12 months to September.
The total value of sales was £342,850,273, a drop of 47 per cent from £555.04 million in the same period from 2020-21.
The sharp reduction could be a result of rocketing living costs, said Ruban Selvanayagam of Property Solvers.
“Although there remains a fairly healthy volume of sales in this price bracket, such a pronounced drop would suggest that buyer appetite for these types of homes is decreasing,” he said.
“£1 million plus properties, even for the wealthy, are major commitment and indeed affected by the wider economy.
“With continued inflationary pressures and rising interest rates as a result, it would not be too much of a surprise to see a continued cooling off across the high-end property market in the coming year at least.”
A property in Barcombe, near Lewes, sold for a whopping £5 million, making it the most expensive in the BN postcode area to sell in the previous 12 months.
Topping the list in Brighton was a property in Roedean Crescent, selling at £2.5 million, while a home in Hill Drive, Hove, went for £3 million.
BN postcodes came 20th overall in England, Wales and Scotland as having the greatest number of homes to sell over £1 million.
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