Despite a more lethargic pandemic property market performance, a recent study by debt advisory specialists, Henry Dannell, has analysed sold price records from the Land Registry over the last year for primary residential property sales and found that London remains by far the most prestigious pocket of the property market across England and Wales, accounting for almost half (48%) of all homes sold at £1 million or above.
Feverish market activity
London leads the way in terms of £1 million-plus property market values, with property sold at or above the price threshold averaging at £1.4 million and a total of £17.6 billion. The top-ranked hotspot when breaking down the capital by borough is Wandsworth tallying up £1 million-plus for property transactions, having seen the largest proportion of homes sold at or above this price threshold in the last 12 months.
In Wandsworth, 953 sales have been recorded at £1 million or more in the past 12 months, therefore accounting for 11% of all transactions across the segment of the London market. However, Kensington and Chelsea aren’t far behind with 785 homes sold for £1 million or above.
The boroughs account for the second-largest level of £1 million-plus market activity (9%) and are also home to the highest average selling price, which stands firmly at £2.25 million, including the highest total value of homes sold (£2.5 billion).
The top hotspots
Accounting for 8% of all transactions across the London market over the past 12 months, Richmond has also performed well where £1 million-plus property sales are concerned.
Westminster, Hammersmith and Fulham, Camden, Barnet, Lambeth, Islington, and Southwark were also some hotspots worth mentioning, comfortably sitting within the top 10 ranks.
Newham is the only London borough not to hit double figures with just six homes sold at £1 million or more in the past 12 months, therefore accounting for the lowest level of transactions across this segment of the market (0.1%).
Director of Henry Dannell, Geoff Garrett, commented: “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.”
“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.”
Garrett concluded: “Even at the £1 million price threshold, there have been over 9,000 homes sold in the last year alone. This 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.”