Sales value of houses sold for over £1m within Portsmouth postcode area slumps due to inflation and high interest rates

Research from Property Solvers shows 122 PO postcode houses were sold for over £1m, between September 2021-2022.

HM Land Registry sold house price statistics show the total value of these sales arrived at £178,273,932 – a 48 per cent decrease from £290.85 million.

The Portsmouth area is 31st in England, Wales and Scotland for the number of homes sold.

Its most expensive sale was in Shore Road, Bosham, Chichester – PO18 8QL – which was bought for a staggering £3,950,000.

Property Solvers co-founder Ruban Selvanayagam: ‘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.

‘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.’