The UK’s £1m property hotspots revealed
Prime Central London, unsurprisingly, tops the £1m property league, with Kensington and Chelsea the most prestigious corner of the capital, seeing 59% of all property sales coming in £1m or more, said Benham and Reeves.
The letting and sales agent found that Westminster was home to the second-highest proportion of high-end property sales last year, with 46% selling for £1m+.
Camden (35%), the City of London (34%) and Hammersmith and Fulham (32%) also ranked high, as the top 10 list below shows, including the proportion of all sales accounted for by £1m+ properties:
- KENSINGTON AND CHELSEA 59%
- CITY OF WESTMINSTER 46%
- CAMDEN 35%
- CITY OF LONDON 34%
- HAMMERSMITH AND FULHAM 32%
- RICHMOND UPON THAMES 24%
- WANDSWORTH 22%
- ELMBRIDGE 21%
- SOUTH BUCKS 21%
- ISLINGTON 18%
Out of London
Outside of London, Elmbridge and South Bucks saw 21% of transactions exceed £1m, with Chiltern (12%), St Albans (10%), Windsor and Maidenhead, Three Rivers and Guildford also hitting 9%.
Director of Benham and Reeves, Marc von Grundherr, 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.”