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London and Home Counties account for 77% of £1m-plus homes for sale

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21/02/2019
And in some parts of London, a cool million will only buy you a flat
London and Home Counties account for 77% of £1m-plus homes for sale

There are more than 20,000 properties currently for sale for £1m or more in the UK, said Housesimple.

And, according to the online estate agent, a third of them are in just five London boroughs.

The boroughs of City of Westminster (2,595), Kensington & Chelsea (1,701), Camden (969), Wandsworth (964) and Southwark (536) have a total 6,765 properties on sale currently for £1m or more.

£1 million for a flat

A million pounds won’t even guarantee you a house in some posh postcodes.

In the City of Westminster, 84% of properties on sale for £1m plus are flats, as are 69% of the homes on the market in the Royal Borough of Kensington & Chelsea.

More than three-quarters (77%) of the 21,484 properties currently for sale in the UK at £1m or more, are in London or counties surrounding the capital.

Northern swank

In the North, Cheshire (341), Greater Manchester (206) and North Yorkshire (133) have the highest number of £1m plus properties for sale. Rutland (11) and Durham (12) have fewer £1m plus properties for sale than any other English county.

The City of Edinburgh (33) and Pembrokeshire (23) have the most £1m plus properties for sale in Scotland and Wales.

Sam Mitchell, CEO of Housesimple, said: “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. However, the ongoing North/South divide means prices are still rising in counties like Yorkshire, so bargains in traditionally affluent areas such as Harrogate will be harder to come by.”

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