Research by London lettings and estate agent, Benham and Reeves, has shown that, 43% of all homes entering prime London neighbourhoods are priced at £1m or more, although this climbs as high as 93% in some of London’s most prestigious locations.
Benham and Reeves analysed for sale stock levels across 28 areas of the prime London neighbourhood, looking at what proportion of homes entering the market over the last 30 days boast a price tag of £1m or more.*
The research shows that, of the 4,708 homes to have been listed across the prime London market over the last month, as many as 43% boast a price tag of £1m or more.
However, this proportion climbs as high as 93% in Mayfair, meaning the area has seen the biggest influx of £1m+ properties for sale.
Knightsbridge isn’t far behind, where 90% of all homes listed in the last month have an asking price of £1m+.
Barnes (82%), Belgravia (79%) and Fitzrovia (71) also rank highly in this respect.
Marylebone (68%), Kensington (66%), Hampstead (64%), Chelsea (63%) and Holland Park (60%) also rank within the top 10.
At the other end of the table, Clapham has seen the smallest influx of £1m+ homes being listed for sale, with properties listed at or above £1m accounting for just 23% of all homes to have been listed over the last month.
Canary Wharf, Wandsworth and Maida Vale have also seen some of the lowest levels of £1m+ properties entering the market (24%).
Director of Benham and Reeves, Marc von Grundherr, commented:
“The high end London market may have been more muted of late with respect to the rate of property price appreciation being seen, however, that’s not to say that there isn’t a great deal of market activity.
In fact, a considerable number of sellers have entered the market already this year and a high proportion of these homes are commanding £1m or more.
As this year progresses and this initial activity translates into completed sales, we should see a far more stable outlook with respect to high end London house price performance.”
Data tables and sources
- *Data sourced from Zoopla and percentages based on the proportion of all homes entering the market over the last 30 days with an asking price of £1m or more.
- Full data tables and sources can be viewed online, here
