New research has revealed that nearly half of all properties entering the prime London housing market in the past month were priced at £1 million or more – rising to over 90% in the capital’s most exclusive neighbourhoods.
According to analysis by estate agency Benham and Reeves, 43% of the 4,708 homes listed across 28 prime London areas in the past 30 days came to market with a seven-figure price tag.
The proportion climbs steeply in ultra-prime enclaves such as Mayfair and Knightsbridge, where £1 million-plus homes now account for the overwhelming majority of new listings.
In Mayfair, 93% of homes brought to market in the last month were priced at £1 million or above – the highest concentration among all areas surveyed. Knightsbridge followed closely at 90%, with Barnes (82%), Belgravia (79%), and Fitzrovia (71%) also registering a strong prevalence of high-value listings.
AFFLUENT DISTRICTS
Other traditionally affluent districts, including Marylebone (68%), Kensington (66%), Hampstead (64%), Chelsea (63%), and Holland Park (60%), round out the top 10 for £1 million-plus inventory.
At the opposite end of the spectrum, Clapham saw just 23% of new listings fall into the £1 million-plus bracket – the lowest share among the 28 locations analysed. Canary Wharf, Wandsworth and Maida Vale also registered comparatively modest proportions of high-value properties entering the market, each at 24%.
STABLE OUTLOOK
Marc von Grundherr (main picture), Director of Benham and Reeves, says: “The high end London market may have been more muted of late with respect to the rate of property price appreciation being seen, however, that’s not to say that there isn’t a great deal of market activity.
“In fact, a considerable number of sellers have entered the market already this year and a high proportion of these homes are commanding £1m or more.
“As this year progresses and this initial activity translates into completed sales, we should see a far more stable outlook with respect to high end London house price performance.”
