£15m property market accounts for 0.04% of all homes
The latest analysis from AgentWise has found that while more than 30,000 homes are currently for sale across Great Britain with an asking price between £1m and £5m, properties priced above £1m account for just 6% of all available housing stock, with the market becoming dramatically smaller and increasingly relationship-led as values rise.
With so few homes available at the very top end of the market, and an even smaller pool of potential buyers, agents are increasingly relying on collaboration, trusted networks and cross-border relationships in order to connect the right buyers with the right properties.
The analysis of current property listings across Great Britain found that there are approximately 30,053 homes currently listed between £1m and £5m, equating to 6% of total market listings.
However, this falls to just 0.29% for those priced between £5m and £10m, and 0.06% for homes priced between £10m and £15m. At the very top of the market, there are just an estimated 180 homes currently for sale above £15m, accounting for only 0.04% of all available housing stock across Great Britain.
London remains the centre of Britain’s super-prime market, accounting for 81.9% of all homes listed between £5m and £10m, 83.1% of those listed between £10m and £15m, and 92.8% of homes currently for sale above £15m.
However, even within London, truly super-prime opportunities remain exceptionally limited. While homes priced between £1m and £5m account for 18.28% of all London listings, this falls to just 1.44% for homes priced between £5m and £10m, 0.29% for those between £10m and £15m, and only 0.22% for homes priced above £15m.
Outside London the prime market becomes exceptionally thin. The South East is the only other region with any meaningful depth of stock, accounting for 9.5% of homes priced between £5m and £10m and 9.2% of those between £10m and £15m.
This breakdown of available stock highlights that, when it comes to the prime property market, no individual agent or firm is likely to have access to more than a small proportion of the market. As a result, collaboration between agents is becoming increasingly important, particularly when dealing with buyers who are often looking across multiple regions and countries at the same time.
Founder of AgentWise, Eric Corsaletti, commented:
“As values increase, the market becomes dramatically smaller. There are tens of thousands of homes available between £1m and £5m, but once you move above £10m there are only a few hundred properties across the whole of Great Britain.
At that level, the traditional process becomes far less effective. The pool of potential buyers is smaller, more international, and often looking across multiple locations at the same time. A buyer considering a house in the South East may also be looking in London, the French Riviera or New York.
It is also important to remember that many of the highest value transactions never reach the portals at all. Particularly above £10m, a significant proportion of deals are carried out privately through trusted agent relationships and discreet networks.
That is why the super-prime market increasingly relies on collaboration between agents. When there are only a handful of relevant buyers, a limited number of properties, and much of the market is transacted privately, being connected to the right people matters more than broad exposure.”
You May Also Enjoy
Brexit housing market winners and losers
The Rental Market is Rebalancing
Dispelling the top five biggest letting agent myths
A fifth of Gen Z would move 25 miles or more for affordable housing
Can AI-powered search platform push out Rightmove for renters?
