London home to one-third of all UK’s £1m-plus homes

A third of all £1 million-plus properties for sale in the UK are located in just five London boroughs.

New research by online estate agent housesimple.com shows there are currently more than 20,000 properties on the market with a seven-figure or greater price tag, and more than 6,700 of those are in the capital.

The study looked at the areas that host the most expensive property in the country and also revealed the types of property that attract the highest prices.

Within London, the City of Westminster has 2,595 £1m-plus properties for sale; in neighbouring Kensington & Chelsea, there are 1,701; Camden has 969; Wadsworth 964; and 536 in Southwark.

Of those seven-figure-plus properties in Westminster, 84 percent are flats; 69 percent of those on sale in Kensington & Chelsea are also flats.

South-east dominates

Housesimple.com revealed that 77 percent of the 21,484 properties on the market with an asking price of £1m upwards are in London or the Home Counties.

Further north, Cheshire (341), Greater Manchester (206) and North Yorkshire (133) are the next highest regions.

Outside of England, Edinburgh has 33 multi-million homes for sale, while Pembrokeshire has 23.

Sam Mitchell, housesimple.com’s CEO, said: “The capital remains a global city with property values to match. But for buyers who are lucky enough to have a budget of £1m plus, this is the market where you could negotiate a healthy discount.

“By looking beyond London and the south-east, wealthy buyers can maximise on space and special features, especially those looking to move from the city to the countryside … prices are still rising in counties like Yorkshire, so bargains in traditionally affluent areas such as Harrogate will be harder to come by.”

UK’s top 10

The 10 counties with the highest number of £1m-plus properties are:

Greater London 11,404

Surrey 1,992

Hertfordshire 700

Essex 685

Kent 625

Buckinghamshire 591

Sussex 588

Berkshire 460

Hampshire 413

Dorset 370

About the Author Frances Traynor

Fran is the content writer for Capital Conveyancing, producing articles on all aspects of the conveyancing process and around the UK property market in general. If there is a topic you'd like to see covered on these pages, please drop Fran a line on [email protected]

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