Total of 12,251 homes sold above £1m over 12 months

Jake Carter

February 2, 2021

prime London market

A total of 12,251 homes have sold for £1m or more in the last 12 months, according to Keller Williams UK.

The properties, sold across England and Wales, had an average price tag of £1,333,286.

London accounted for 58% of all transactions above the £1m threshold in the last 12 months.

In contrast, Wales and the North East accounted for 0.2% of homes, which sold for £1m or more.

While the Yorkshire and Humber region accounted for just 1% of all transactions above £1m, it was home to the highest average sold price at £1.544m.

The data also showed that 16 of the top 20 local authorities to have seen the greatest number of transactions on properties valued at £1m or more were located in the capital.

Westminster saw the highest number of homes sold for £1m or more of all local authorities, with 876 transactions.

The local authority with the greatest number transactions outside of the capital was Elmbridge, with 327.

Ben Taylor, chief executive of Keller Williams UK, said: “The higher tiers of the housing market have arguably suffered most due to COVID-19 uncertainty and activity hasn’t been boosted to the same extent as a result of the current stamp duty holiday.

“That said it’s reassuring to see that a robust number of transactions have still taken place despite the turbulence of the last year and this is a foundation that will no doubt be built on in 2021.

“Of course, London leads the way in terms of the sheer volume of sales but there has been activity across all regions of England and Wales and, in fact, some regions have seen these transactions complete for a similar or even higher average sold price than the capital itself.”

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