One in five London homes sold for £1m or more last year

A fifth of all homes sold so far this year across the capital have done so for £1m or more, by far the largest proportion when compared to other major cities across England and Wales, research by London lettings and estate agent, Benham and Reeves, has revealed.

Some 3,716 properties have sold for £1m or more across London, equating to 21.1% of total sales completed across the capital.

Bristol ranks as the city with the second highest number of £1m property transactions, although the 86 homes sold for £1m or more equate to just 1.9% of total homes sold.

Sheffield (0.9%), Newcastle (0.6%) and Leeds (0.6%) also rank within the top five, albeit £1m property sales account for less than 1% of all homes sold in 2023.

Marc von Grundherr, director of Benham and Reeves, said: “It’s fair to say that the London market as a whole has been underperforming for some time and we simply haven’t seen the same high rates of house price growth envelope the capital when compared to the rest of the nation.

“However, there’s no doubt it remains the driving force when it comes to homes sold for £1m or more and in this respect, no other major city comes close.

“We’ve seen strong levels of demand so far this year across the upper tiers of the London market, buoyed by the return of foreign homebuyers, in particular.

“So while London may not be seeing any spectacular growth at a top line level, it is very much a case of quality of quantity in the current market.”