London home to highest number of £1m-plus transactions

Jake Carter

January 6, 2022


London is home to the highest level of transactions taking place at £1m or more, with 6,312 transactions, equating to 12% of activity seen across the London market, according to Henry Dannell.

Across England and Wales there were 13,018 properties purchased at £1m or more in 2021.

This equated to just 3% of the 472,964 residential transactions completed across the entire market.

The South East saw the second highest level of £1m-plus transactions, but these sales accounting, for just 4% of total market activity, followed by the East of England (2%) and the South West (2%).

Kensington and Chelsea remained top in the London market, with 59% of all homes sold in the borough in 2021 going for £1m or more.

Westminster saw the second largest level of £1m-plus market activity, with 44% of all homes sold being at or above this price threshold.

Camden was third, with 37% of homes sold going for £1m or more, while Hammersmith and Fulham (34%) and Richmond (29%) also ranked in the top five.

In contrast, Barking and Dagenham saw no transactions at or above £1m in 2021, with Newham also seeing just 0.3% of all transactions take place at this tier.

Geoff Garrett, director of Henry Dannell, said: “Although the London market has generally trailed much of the UK where top line property price appreciation is concerned, it remains the predominant market for property purchases at one million pounds or more by quite some margin.

“While the pandemic and ongoing advice to work from home has dented the appetites of domestic London buyers to a certain extent, a consistent stream of foreign interest has slowly been building across the top tier of the London market.

“Of course, these transactions only account for a small proportion of total market activity but this early sign of market confidence amongst high end buyers bodes very well for the year ahead.”

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