The latest research by lettings and sale agent, Benham and Reeves, has revealed where the most £1m+ properties are selling as a percentage of total transactions, despite the influence of market uncertainty which has been most prevalent in the upper tiers of the property market.

Benham and Reeves pulled the latest data from the Land Registry for the last year, breaking down transactions by price to find which areas had seen the most market activity at the £1m price point and above, £5m and above and £10m and above, as well as how this translated as a proportion of all transactions during the same time period.

The data shows that transactions at £1m and above accounted for 1.8% of all transactions and despite the capital being worst hit by political uncertainty and buyer hesitation, London remains the £1m+ playground for high-end homebuyers, accounting for 13 of the top 15 areas where sales at £1m or above accounted for the highest percentage of all transactions.

Of course, prime central London topped the table with Kensington and Chelsea remaining the most prestigious corner of the capital, seeing no less than 59% of all property sales coming in at a mill or more.  

Westminster was home to the second-highest proportion of high-end property sales, with 46% selling for £1m+. Camden (35%), the City of London (34%) and Hammersmith and Fulham (32%) also ranked high.

Other boroughs to make the top 15 included Richmond, Islington, Southwark and Merton.

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%.

It’s a similar story at the higher price brackets although a more marginal percentage, with £5m+ transactions accounting for just 0.04% of all transactions, while this dropped to 0.01% for transactions of £10m+.

While Kensington, Westminster and Camden placed with the highest proportion of transactions as a percentage of all transactions at both the £5m+ and £10m+ price brackets, Runnymead was a new entry with the area ranking fourth in both price brackets.

Director of Benham and Reeves, Marc von Grundherr, commented:

“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.

Those that did commit to a purchase over the last year have done well in terms of value for money, as the top tiers of the market are often those susceptible to the most dramatic swings in price once the cogs do start to turn, and will no doubt start to climb in price as the year plays out.” 

Top 25 Areas with the Most £1m+ Sales as a Proportion of all Sales
Area £1m+ as % of All Transactions Average £1m+ Sold Price
CITY OF WESTMINSTER 46% £2,807,072
CAMDEN 35% £2,132,744
CITY OF LONDON 34% £1,778,903
WANDSWORTH 22% £1,466,081
ELMBRIDGE 21% £1,752,835
SOUTH BUCKS 21% £1,637,800
ISLINGTON 18% £1,567,108
HARINGEY 15% £1,541,912
HACKNEY 14% £1,304,704
SOUTHWARK 13% £1,981,532
LAMBETH 12% £1,530,171
MERTON 12% £1,821,482
CHILTERN 12% £1,458,997
BRENT 10% £1,545,905
ST ALBANS 10% £1,351,720
EALING 9% £1,466,573
BARNET 9% £1,649,732
THREE RIVERS 9% £1,406,444
GUILDFORD 9% £1,452,234
WAVERLEY 8% £1,431,973
EPPING FOREST 8% £1,527,890
All 1.8% £1,730,834
Data source: Land Registry Price Paid Data (2019) – England and Wales
Top 25 Areas with the Most £5m+ Sales as a Proportion of all Sales
Area £5m+ as % of All Average £5m+ Sold Price
CITY OF WESTMINSTER 4.50% £9,910,674
CAMDEN 1.80% £9,005,871
RUNNYMEDE 0.70% £7,884,339
ELMBRIDGE 0.60% £7,256,704
RICHMOND UPON THAMES 0.60% £6,246,667
SOUTHWARK 0.50% £5,739,786
MERTON 0.30% £7,291,667
HAMMERSMITH AND FULHAM 0.20% £11,777,200
OXFORD 0.20% £6,350,000
RICHMONDSHIRE 0.20% £8,550,000
BARNET 0.10% £10,430,000
BLACKBURN WITH DARWEN 0.10% £6,136,000
EAST HAMPSHIRE 0.10% £7,950,000
EPPING FOREST 0.10% £5,250,000
HARINGEY 0.10% £6,002,500
ISLINGTON 0.10% £5,325,000
KINGSTON UPON THAMES 0.10% £7,575,000
LAMBETH 0.10% £11,225,488
SEVENOAKS 0.10% £5,195,000
SOUTH BUCKS 0.10% £7,000,000
SOUTH OXFORDSHIRE 0.10% £9,800,000
SURREY HEATH 0.10% £5,000,000
WANDSWORTH 0.10% £6,250,000
All 0.04% £9,001,959
Data source: Land Registry Price Paid Data (2019) – England and Wales
Top Areas with the Most £10m+ Sales as a Proportion of all Sales
Area £10m+ as % of All Average £10m+ Sold Price
KENSINGTON AND CHELSEA 2.24% £17,718,830
CITY OF WESTMINSTER 1.33% £17,760,254
CAMDEN 0.55% £15,362,500
RUNNYMEDE 0.10% £15,250,000
BARNET 0.06% £14,450,000
HAMMERSMITH AND FULHAM 0.06% £22,340,000
ELMBRIDGE 0.05% £11,500,000
LAMBETH 0.03% £16,950,975
All 0.01% £17,308,329
Data source: Land Registry Price Paid Data (2019) – England and Wales

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