The UK’s £1m plus property sale hotspots revealed

Jessica Nangle

February 3, 2020

London remains the hotspot for high-end homebuyers, accounting for 13 out of the top 15 areas where sales at £1m or above accounted for the highest percentage of transactions.

Lettings and sales agent Benham and Reeves looked at the latest data from the Land Registry for the past year, breaking down transactions by price to find which areas had seen the most market activity at the £1m, £5m and £10m price points.

These figures where then translated as a proportion of all transactions during the same time period.

Transactions at £1m and above accounted for 1.8% of all transactions in the capital, with Prime Central London seeing 59% of all property sales coming in at £1m or more.

Other boroughs to make the top 15 included Richmond, Islington, Southwark and Merton.

Outside of London, Elmbridge and South Bucks saw 21% of transactions exceed £1m, with Chiltern seeing 12% of these transactions and St Albans (10%) following closely behind.

Whilst Kensington, Westminster and Camden placed with the highest proportion of transactions as a percentage of all transactions at both the £5m plus and £10m plus price brackets, Runnymede in Surrey ranked fourth in both.

Marc von Grundherr, director at Benham and Reeves, said: “There’s no denying that month after month of uncertainty surrounding Brexit had caused the market to grind to stutter and at the very top end, where even the smallest margins can equate to substantial sums of money, there had understandably been a sharp drop in buyer interest.

“While this has seen transaction levels fall in the upper price tiers, there hasn’t been a total exodus and as our research shows, London, in particular, has remained a very attractive proposition to the wealthiest buyers.

“Now that we’ve seen the bottom of the market and a Boris bounce has opened the flood gates of both buyer and seller activity, domestic and foreign investment in the most valuable pockets of the market should start to regain momentum.

“Those that did commit to a purchase over the last year have done well in terms of value for money, as the top tiers of the market are often those susceptible to the most dramatic swings in price once the cogs do start to turn, and will no doubt start to climb in price as the year plays out.”

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