A fifth of London homes sold for £1m or more

Benham and Reeves analysed the data of sold price and value of homes across 12 major cities between Jan-Aug 2023. They have revealed that the London market continues to differ to other regions, with the annual rate of house price down by 0.8% in the last year. They are one of only three regions to have seen a year-on-year decline, yet remain the dominant force, equating 21.1% of sales over £1m.

Bristol ranks as the second highest region, yet only 1.9% of homes sold valued at £1m or more. Sheffield, Newcastle and Leeds also rank in the top five with less than 1% of homes sold in 2023 sold for more than £1m.

Marc Von Grundherr, director of Benham and Reeves, commented:

“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.”

“It is very much a case of quality over quantity in the current market”

Homes selling above the £1m threshold have averaged a sold price of £1.45m versus £565,000 across the rerst of the London market. In total, London’s £1m homes have sold for a combined value of £312.2m, with Bristol ranking second at £156.1m.