A third of properties for sale in the UK for a million pounds or more are located in just five boroughs in London, new research shows.
Overall, there are more than 20,000 properties currently on the market in this price range with 11,404 of them in Greater London and 1,992 in Surrey, according to the data from online estate agents Housesimple.
The highest number are in the City of Westminster at 2,595, followed by Kensington and Chelsea with 1,701, Camden 969, Wandsworth 964 and Southwark at 536.
In the City of Westminster some 84% of properties on sale for £1 million or more are flats, as are 69% of the homes on the market in Kensington & Chelsea.
After London and Surrey the next highest number of million pound plus homes is in Hertfordshire at 700, followed by Essex with 685, Kent with 625, Buckinghamshire with 591, Sussex with 588, Berkshire with 460, Hampshire with 413 and Dorset with 370.
In the North of England Cheshire has the highest number with 341, followed by Greater Manchester with 206 and North Yorkshire with 133. Rutland has the fewest with just 11 and Durham just 12.
Outside of England the highest number of £1 million properties for sale are in Edinburgh which has 33 and in Wales the highest number is in Pembrokeshire with 23.
‘Although Brexit has loomed large over house prices in London recently, the capital remains a global city with property values to match. But for buyers who are lucky enough to have a budget of £1 million plus, this is the market where you could negotiate a healthy discount,’ said Sam Mitchell, chief executive officer of Housesimple.
‘Looking beyond London and the South East, wealthy buyers can maximise on space and special features, especially those looking to move from the city to the countryside. However, the ongoing North/South divide means prices are still rising in counties like Yorkshire, so bargains in traditionally affluent areas such as Harrogate will be harder to come by,’ he added.
