The number of homes in Lancashire selling for £1million or more has fallen over the last 12 months, new data reveals.
Figures from HM Land Registry showed that from September 2020 to September 2021, 11 homes in Blackburn with Darwen sold for more than £1m each, totalling £13,917,000.
However, from the same period in 2021/22, only five homes sold for more than £1m - a combined total of £8,718,960.
Figures were the same across the rest of the county, with Lancaster seeing 38 homes sell for more than £1m in 2020/21 (a total of £54,449,125), decreasing to 20 in 2021/22 (£29,171,350).
Fourteen homes in Preston sold for more than £1m each in 2020/21, totalling £17,714,000 in sales, but in 2021/22, this dropped to eight, with the total sales equaling £11,496,000.
Blackpool and Fylde saw seven property sales over £1m in the last 12 months, valuing £9,070,000, a decrease from £18,747,900 in 2020/21 when 15 properties sold for £1m or more.
In terms of number of properties sold in 2021/22, this puts Blackburn in position number 98 out of the 112 areas with million pound house sales, across England, Wales and Scotland.
Blackpool is position 95, Preston in position 90, and Lancaster in at 75.
Ruban Selvanayagam, co-founder of Property Solvers, the home buying company and auctioneer who conducted the research, said: “Such a pronounced drop would suggest that buyer appetite for these types of homes is decreasing.
“One million pound-plus properties - even for the wealthy - are a 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."
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