Half of all £1m+ UK property sales are in London with not Chelsea but Wandsworth leading the pack
Despite a more lethargic pandemic property market performance, London remains by far the most prestigious pocket of the property market across England and Wales, accounting for almost half of all homes sold at £1m or above.
With an average sold price of £1.4m and a total of £17.6bn worth of property sold at or above this price threshold, London also leads the way in terms of £1m+ property market values.
Wandsworth currently ranks as London’s hotspot for £1m+ property transactions, having seen the largest proportion of homes sold at or above this price threshold in the last 12 months, according to research by debt advisory specialists Henry Dannell, shared with Morning Wire today.
The firm analysed sold price records from the Land Registry over the last year for primary residential property sales at or over £1m across England and Wales.
Wandsworth, Kensington and Chelsea
When breaking the capital down by borough, it’s Wandsworth that ranks top for most £1m+ property market activity.
In the last 12 months, 953 sales have been recorded at £1m or more, accounting for 11 per cent of all transactions across this segment of the London market.
However, Kensington and Chelsea aren’t far behind.
With 785 homes sold for £1m or above, the borough accounts for the second-largest level of £1m+ market activity (9 per cent) and is also home to the highest average sold price at £2.25m, as well as the highest total value of homes sold (£2.5bn).
Richmond has also performed well where £1m+ property sales are concerned, accounting for 8% of all transactions across the London market over the last 12 months.
Westminster, Hammersmith and Fulham, Camden, Barnet, Lambeth, Islington and Southwark also rank within the top 10.
With just six homes sold at £1m or above in the last 12 months, Newham is the only London borough not to hit double figures, accounting for the lowest level of transactions across this segment of the market (0.1 per cent).
“Although it’s certainly true that London hasn’t quite seen the same explosive property market performance as the rest of the nation, don’t be fooled into thinking the capital has ground to a halt,” said Geoff Garrett, director of Henry Dannell.
Momentum has been slowly building and while house price gains may be more marginal in percentage terms, the higher price of property means that homeowners have been enjoying some considerable increases when looking to sell, he told Morning Wire this afternoon.
Even at the £1m price threshold, there have been over 9,000 homes sold in the last year alone. T
“his accounts for almost half of all sales seen nationally across this segment of the market and proves that when it comes to the more prime price categories, London is still very much in the driving seat,” Garrett concluded.