The number of homes in England and Wales that sold for £1m or more in the year to July slumped 21% from 1,113 to 878 when compared with the previous 12 months.
The latest figures from the Land Registry also show that the total number of property transactions are down.
Between February 2015 and May 2015, there was an average of 61,283 residential sales per month, compared with an average of 70,029 sales per month in the same months the previous year.
The 65,619 house sales that were completed in May this year is 15% below the 77,488 completed house sales recorded by the Land Registry in May 2014.
But residential property prices jumped 4.6% in July year on year, taking the average value of a home in England and Wales to £183,861, according to the Land Registry.
Month on month they increased by 1.7%, with the east of England seeing the largest monthly rise of 2.8% and the biggest annual price increase with a rise of 8.9%, the data shows.
North-east England saw the lowest annual price increase of 0.4% and Wales experienced the only monthly price fall with values slipping 0.3%.
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