London boroughs make up one-third of £1m-plus homes for sale

There are more than 20,000 properties currently for sale for £1 million or more in the UK, with five London boroughs making up a third of these, according to research by Housesimple.

For example, the boroughs of City of Westminster (2,595), Kensington & Chelsea (1,701), Camden (969), Wandsworth (964) and Southwark (536) have 6,75 properties on sale currently for £1 million or more.

However, this price doesn’t guarantee a house. In fact, 84% of properties on sale for £1 million-plus in the City of Westminster are flats, as are 69% of homes on the market in the Royal Borough of Kensington & Chelsea.

More than three-quarters (77%) of the 21,484 properties currently for sale in the UK at £1 million or more are in London, or counties surrounding the capital.

In the north, Cheshire (341), Greater Manchester (206) and North Yorkshire (133) have the highest number of £1 million-plus properties for sale. Rutland (11) and Durham (12) have fewer £1 million-plus properties for sale than any other English county.

Meanwhile, the City of Edinburgh (33) and Pembrokeshire (23) have the most £1 million-plus properties for sale in Scotland and Wales respectively.

Sam Mitchell, chief executive officer of Housesimple, commented: “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.”

He added: “By 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.”