The number of million pound apartment sales in England & Wales has nearly tripled in the last decade, rising from 1,002 to 2,967 in 2016, according to Lloyds Private Banking. 

This far outpaced other prime market property types with sales of million pound terraces rising by 165%, followed by semi-detached properties (154%) and detached (88%) over the same period.
 
Apartments represented 22% of all million pound property sales in England & Wales in 2016 compared with 17% in 2006. 

Capital appreciation
 
Unsurprisingly, the overwhelming majority of million pound plus apartments (96%) are in London. 

The number of apartment sales in the capital has increased nearly threefold (193%) from 973 in 2006 to 2,853 in 2016, representing 35% of all million pound property sales in Greater London in 2016.
 
The South East had the highest percentage increase of apartment sales in the past decade with a nearly fivefold (389%) rise from just nine sales in 2006 to 44 in 2016, followed by the East of England (283%) and South West (150%).
 
The only other regions to record sales of million pound apartments in 2016 were the North East and North West, both with just one sale.
 
Louise Santaana, Head of Lending at Lloyds Private Banking, said: “The past decade has seen substantial increases in the number of million pound apartments sold, outpacing all other property types.”
 
“London dominates the million pound flat market, with the prime areas of Westminster and Kensington & Chelsea accounting for over half of all million pound apartment sales in England & Wales. In these two prime areas of London, apartment sales also account for a bigger proportion of all million pound property transactions in 2016 than 10 years ago.”