Knight Frank Finance has reported that the number of £500,000+ mortgage completions rose by 162% in May compared to May 2009.
It also saw a 26% rise in £500,000+ completions in the three months to May.
The volume of applications for £500,000+ mortgages rose in May by 87% on a year-on-year basis, over the last three months the volume of applications recorded growth of 23%.
Knight Frank Finance says the general election impacted on the volume of activity at the early part of the mortgage process, with the number of mortgage offers declining by around 39% in May compared to three months earlier.
Simon Gammon, head of Knight Frank Finance said: “While the £500