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This is how many homes in Birmingham are selling for over £1m

Fewer people are shelling out big money for prime market properties in Birmingham.

The number of homes sold for £1m or more in Birmingham has dropped by a fifth in a year.

In Birmingham, there were just 19 house sales at £1m or more in 2016, according to data from the Land Registry, down from 24 sales at this price in 2015.

The majority of these properties are in the affluent areas of Edgbaston and Sutton Coldfield .

The number of sales at £2m or more dropped from two to one in the area over the same period.

The only property to sell for more than two million in 2016 was this impressive six-bedroom mansion in Sutton Coldfield that went for £2,575,000.

Rightmove
This is the only house that sold for more than £2 million in Birmingham

While some of the fall may be due to sales at the end of 2016 still needing to be registered with the Land Registry, the size of the drop suggests people are less keen to shell out for top price property in the area - perhaps due to Brexit uncertainty that loomed across the country for the latter half the year.

While Birmingham saw the number of sales at £1m or more drop, Solihull saw the number rise from 21 in 2015 to 24 in 2016, while Walsall and Wolverhampton each saw one sale at £1m or more.

Although Solihull bucks the trend, the story is the same as Birmingham across the rest of England and Wales.

There were 14,999 £1 million plus sales, including 3,039 £2 million plus sales in 2016 - down from 16,267 in £1 million plus sales in 2015, and 3,255 £2 million plus sales in 2015.

Of properties bought for £1m or more, three-fifths (61.8%) were in London - although at 9,272 sales, this is the lowest proportion since 60.9% in 2010, suggesting the prime market in London is particularly feeling the squeeze.

The most expensive sale registered with the Land Registry in 2016 was for £40.5m and was 33 Grosvenor Square in Westminster. Unsurprisingly, all properties in the ten most expensive sales in 2016 were in London.

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