Derbyshire house buyers lose appetite for £1million-plus homes

The hunger for million-pound-plus properties in Derbyshire is subsiding as rising interest rates bite.

Only 28 houses in this price bracket sold between September 2021 and 2022 compared to 52 in the same period in 2020-21. The total value of these sales arrived at £35,818,302 compared to £74,407,701 in 2020-21.

Some of the most expensive properties sold in the DE postcode included a house on Lea Shaw, Holloway, which went for £1,900,000 one at Moor Road, Great Longstone, which made £1,351,003, while a home at White Lodge Lane, Baslow, raised £1,300,000.

With sales prices reaching as high as £2.05million, Derbyshire is positioned number 70 out of 114 counties, cities and towns across England, Wales and Scotland as having the most amount of sales above the £1 million price point.

The findings were released by home buying company and local auctioneer Property Solvers after studying HM Land Registry sold house price statistics.

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Property Solvers co-founder Ruban Selvanayagam said: “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.

“£1 million+ 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,” he concludes.