These are the nation’s £1m+ property sale hotspots

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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.” 

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