"The high-end London market may have been more muted of late with respect to the rate of property price appreciation being seen. However, that’s not to say that there isn’t a great deal of market activity."
- Marc von Grundherr - Benham and Reeves
New analysis by estate agent Benham and Reeves shows that 43% of homes recently listed across prime London neighbourhoods are priced at £1m or more, with some areas seeing this figure climb to 93%.
The study looked at 28 key locations within the capital’s high-end property market, examining the share of homes listed in the past 30 days with a seven-figure price tag.
Of the 4,708 homes listed during that period, nearly half came to market at £1m or above. In Mayfair, this proportion was significantly higher, 93% of new listings were priced at £1m or more, making it the area with the greatest concentration of high-value homes.
Knightsbridge followed closely, with 90% of recent listings also in the £1m+ category. Barnes (82%), Belgravia (79%), and Fitzrovia (71%) rounded out the top five.
Other areas that featured prominently included Marylebone (68%), Kensington (66%), Hampstead (64%), Chelsea (63%), and Holland Park (60%).
By contrast, Clapham recorded the lowest share of high-end homes, with £1m+ properties accounting for just 23% of new listings. Similar figures were reported in Canary Wharf, Wandsworth, and Maida Vale, where only 24% of homes entered the market above the £1m threshold.
“The high-end London market may have been more muted of late with respect to the rate of property price appreciation being seen. However, that’s not to say that there isn’t a great deal of market activity," comments Benham and Reeves director Marc von Grundherr. "In fact, a considerable number of sellers have entered the market already this year, and a high proportion of these homes are commanding £1m or more."
"As this year progresses and this initial activity translates into completed sales, we should see a far more stable outlook with respect to high-end London house price performance.”
