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

February 6, 2020

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
KENSINGTON AND CHELSEA
59%
£3,200,507
CITY OF WESTMINSTER
46%
£2,807,072
CAMDEN
35%
£2,132,744
CITY OF LONDON
34%
£1,778,903
HAMMERSMITH AND FULHAM
32%
£1,721,498
RICHMOND UPON THAMES
24%
£1,662,602
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
WINDSOR AND MAIDENHEAD
9%
£1,579,871
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
Top 25 Areas with the Most £5m+ Sales as a Proportion of all Sales
Area
£5m+ as % of All
Average £5m+ Sold Price
KENSINGTON AND CHELSEA
8.10%
£9,882,921
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
WINDSOR AND MAIDENHEAD
0.10%
£6,200,000
All
0.04%
£9,001,959
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

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Letting Agent Talk

Section 21 reform divides landlords and tenants

Five months after Section 21 was abolished, landlords and tenants remain sharply divided over whether the reform was necessary, but both sides agree that good relationships and clear communication have the greatest influence on how secure a renter feels, according to new research from LRG. The Autumn 2026 Lettings Report, based on responses from 405…
Read More →
to let sign 2025
Breaking News

70% of landlords anticipate rent rise due to Autumn Budget

As landlord exodus threatens rental supply The latest research from LegalforLandlords has found that 70% of UK landlords are considering increasing rents following the Government’s latest property income tax changes, while almost half are considering selling properties or reducing their portfolios, raising concerns about the future availability and affordability of privately rented homes. LegalforLandlords commissioned…
Read More →
Estate Agents should not all look the same
Estate Agent Talk

Estate agent earnings fails to keep pace with inflation

Estate agency earnings have failed to keep pace with inflation over the last decade, despite more positive growth in recent years, according to the latest industry analysis from eXp UK, highlighting why more agents may be looking towards the self-employed model to maximise their earning potential. eXp UK analysed Office for National Statistics (ONS) data…
Read More →
Breaking News

Southern landlords face up to £22,000 tax hit

Landlords in the South East could pay more than £22,000 extra tax over 25 years, with those in the South West facing more than £19,000 Property income tax hike squeezes a generation that has turned to bricks and mortar to fund retirement Retirees across the South of England who rely on property to supplement their…
Read More →
Breaking News

Corporate landlords cautiously optimistic after first six months of RRA

Impact of Renters’ Rights Act not as bad as feared for professional investors More than four in five (82%) corporate landlords looking to expand Analysis of data from LRG’s Living Markets division reveals that after six months in force, the Renters’ Rights Act is yet to have any significant negative impact on the corporate landlords…
Read More →
Breaking News

Property market has failed to meet expectations

Two-thirds of developers say property market has failed to meet expectations as Autumn Budget fails to boost confidence Jonathan Samuels, CEO of specialist lender, Octane Capital, believes that the Autumn Budget has done little to restore confidence across the UK development sector, with the firm’s latest industry insight revealing that 67% of developers feel property…
Read More →