The core market - £1m-£3m
The core prime market has been the most active during the first six months of the year, accounting for 10.8% of the 28,210 homes sold across London so far this year.
With an average sold price of just over £1.3m, properties at this tier of the market are selling for 153% more than the London average.
Kensington and Chelsea has seen 197 transactions complete at this rung of the market, accounting for 39% of the 508 homes sold in the borough in 2021.
Hammersmith and Fulham (34%), Westminster (33%) and Camden (30%) have also seen 30% or more of homes sold in their respective boroughs do so for between £1m and £3m, while in Richmond and Islington a quarter of transactions sit within this price range.
The mid-market - £3m+ to £5m
Across the mid-prime market, 214 transactions have completed so far this year equating to just 0.8% of all London transactions. With an average sold price of £3.65m, this segment of the market comes in some 609% more expensive than the London average.
While Kensington sits top with 11% of all homes sold at this price threshold again, Westminster ranks second with 8% of all transactions completed in the borough between £3m to £5m.
With just 4% of the overall transactions taking place at this level of the prime market, Camden also places above Hammersmith and Fulham (2%).
The prime market - £5m+
There have been just 117 homes sold over the £5m threshold so far in London this year, amounting to 0.4% of total transactions across the capital.
With an average sold price of £7.1m, the cost of purchasing within the prime market comes in at 1,279% higher than the average London home.
Only 12 out of the 32 boroughs have seen transactions at this price point this year, with just five boroughs seeing more than a handful of sales.
In Kensington and Chelsea, 54 homes have sold for more than £5m in 2021, accounting for 11% of all homes sold in this borough.
Westminster (6%) and Camden (2%) again rank high, along with Merton (0.4%) and Richmond (0.3%).
Craig Tonkin, Bective Revenues Director, commented: “Unlike much of the UK, London’s top tier property market hasn’t been hit by the same level of homebuyer hysteria as a result of the stamp duty holiday. However, that’s not to say it hasn’t played a part and market activity in the first half of this year has certainly benefited.
"However, looking forward we expect the return of international interest to play a far more pivotal role over the remainder of the year. We’ve already seen buyer registrations from all corners increase by 81% in the last month alone which is an extremely positive indicator.
"Property values across the likes of Kensington and Chelsea and Westminster are also some twenty to twenty-five per cent off previous market peaks so there is still a strong level of growth potential.
"When coupled with the fact that interest rates remain at an all-time low, we should see a strong finish to the year across much of the London market.”
