The hottest prime property markets outside of London
The latest analysis from Enness Global has revealed that whilst London continues to dominate England’s prime property market, Elmbridge ranks as the nation’s leading hotspot outside of the capital when it comes to homes sold for £3m or more.
Enness Global analysed Land Registry transaction data, looking at where homes sold for £3m or more over the last year, both by region and by local authority area outside of London.
The analysis shows that some 1,000 homes sold for £3m or more across England over the last year, with 740 of these sales taking place in London. This means 74% of all £3m-plus transactions were concentrated within the capital.
The South East ranks a distant second, accounting for 15.7% of all £3m-plus transactions, whilst the East of England places third at 3.9%. The South West accounts for 3.2%, with every other region contributing less than 2% of the national total.
Outside of London, Elmbridge ranks as England’s prime property hotspot, with 34 homes sold for £3m or more over the last year. This means Elmbridge alone accounted for 13.1% of all £3m-plus transactions recorded outside of the capital.
Buckinghamshire ranks second, accounting for 7.3% of all £3m-plus transactions recorded outside London, followed by Sevenoaks at 4.2%.
St Albans and Waverley each accounted for 3.5% of all £3m-plus sales outside London, whilst Windsor and Maidenhead, Cotswold and Hertsmere each accounted for 3.1%.
Runnymede ranks next at 2.7%, whilst Bournemouth, Christchurch and Poole, West Oxfordshire and South Oxfordshire each account for 2.3%.
The analysis also shows that Elmbridge is home to the highest concentration of £3m-plus transactions outside of London, with such homes accounting for 1.91% of all homes sold across the borough, further underlining its status as the nation’s prime hotspot beyond the capital.
Enness Global notes that whilst London remains the dominant force within the nation’s prime market, demand beyond the capital is increasingly being driven by buyers seeking more space, privacy and lifestyle, whilst still remaining within easy reach of London and its international transport links.
Locations such as Elmbridge, Sevenoaks and the Cotswolds continue to prove particularly attractive due to their combination of exclusivity, larger family homes and proximity to the capital.
Islay Robinson, CEO of Enness Global, commented:
“Whilst London remains the beating heart of the UK’s prime property market, this analysis highlights the extent to which high-net-worth buyers are also active beyond the capital.
Locations such as Elmbridge, Sevenoaks and Buckinghamshire have long been favoured by wealthy buyers who want the best of both worlds, the space and privacy that comes with a more rural or suburban setting, whilst still being within easy reach of London.
These are also the areas where we continue to see particularly strong demand for large-ticket mortgages and bespoke finance solutions, as buyers look to secure some of the most desirable homes in the country.”
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