One-third of properties for sale in the UK at £1m or over are in five London boroughs

There are more than 20,000 properties currently for sale for £1m or more in the UK, and a third of these are in five London boroughs, according to research by online estate agents Housesimple.

The boroughs of City of Westminster (2,595), Kensington & Chelsea (1,701), Camden (969), Wandsworth (964) and Southwark (536) have 6,765 properties on sale currently for £1m or more.

And a million pounds won’t guarantee you a house. In the City of Westminster, 84% of properties on sale for £1m plus are flats, as are 69% of the 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 £1m or more, are in London or counties surrounding the capital.

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

The City of Edinburgh (33) and Pembrokeshire (23) have the most £1m plus properties for sale in Scotland and Wales.

The following table shows the 10 counties with the highest number of £1m plus properties for sale, ranked in order:

County	Number of £1m plus properties for sale
London (inc Greater London)	11,404
Surrey	1,992
Hertfordshire	700
Essex	685
Kent	625
Buckinghamshire	591
Sussex	588
Berkshire	460
Hampshire	413
Dorset	370

 

Sam Mitchell, CEO of Housesimple said, “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 £1m plus, this is the market where you could negotiate a healthy discount.

“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.”