London currently contains 585 one-bed flats for sale for more than £1 million, according to research by online estate agents HouseSimple.com.
The study revealed that properties with a £1 million-plus price tag aren’t always spacious. For example, four studio flats currently for sale over £1 million are under 500 square feet.
The smallest flat in Westminster – on the market for £1.04 million – measures just 416 square feet, a fifth of the size of a singles tennis court.
Sam Mitchell, chief executive officer of HouseSimple.com, commented: “Over the past few months, the London property market has noticeably cooled, with prices down at least 10% from their peak in many areas.”
“Affordability has been a major issue for the average buyer, but we have also seen the top end of the market struggle with fewer overseas investors looking at the capital as a safe haven for their journey.”
The most expensive flat for sale in the UK is a grade 2 listed building on Ennismore Gardens, Knightsbridge, with a guide price of £4,950,000 – almost 22 times more than the average UK property.
According to Zoopla property listings, 27% of these £1 million-plus flats are in the borough of Lambeth, while 23% are located in the City of Westminster. Some 22% are in the Royal Borough of Kensington and Chelsea.
Mitchell added: “We could well see a further correction over the coming months, particularly if Brexit negotiations don’t make sufficient progress.”
“However, though prices in London have stalled for the time being, and foreign buyers are more cautious about investing here, the average price of property in the capital still means it’s one of the most expensive cities in the world to buy.”
Most of the flats offer a 24-hour concierge service and good views of the capital, with house hunters keen to buy for the location alone.
“These one-bed flats sourced in our research aren’t ever going to be on the radar of the typical first-time buyer,” Mitchell said. “They are more likely to be purchased by wealthy business travellers commuting to the capital.”