continues to lag behind the rest of the nation<\/a> when it comes to the annual rate of house price growth, down -0.8% in the last year, one of just three regions to have seen a year on year decline.<\/p>\nHowever, when it comes to homes sold at \u00a31m or more, London remains the dominant force within the market.<\/p>\n
The research by Benham and Reeves shows that so far this year, 3,716 properties have sold for \u00a31m or more across London, equating to 21.1% of total sales completed across the capital.<\/p>\n
Bristol ranks as the city with the second highest number of \u00a31m property transactions, although the 86 homes sold for \u00a31m or more equate to just 1.9% of total homes sold.<\/p>\n
Sheffield (0.9%), Newcastle (0.6%) and Leeds (0.6%) also rank within the top five, albeit \u00a31m property sales account for less than 1% of all homes sold in 2023.<\/p>\n
London also sits top in terms of both the median sold price and total value of \u00a31m property sales.<\/p>\n
Homes selling above the \u00a31m threshold have averaged a sold price of \u00a31.45m versus \u00a3565,000 across the rest of the London market.<\/p>\n
In total, London\u2019s \u00a31m homes have sold for a combined value of \u00a3312.2m, with Bristol again ranking second albeit someway off the pace set by London with a total value of \u00a3156.1m.<\/p>\n
Director of Benham and Reeves, Marc von Grundherr, commented:<\/strong><\/p>\n\u201cIt\u2019s fair to say that the London market as a whole has been underperforming for some time and we simply haven\u2019t seen the same high rates of house price growth envelope the capital when compared to the rest of the nation.<\/p>\n
However, there\u2019s no doubt it remains the driving force when it comes to homes sold for \u00a31m or more and in this respect, no other major city comes close.<\/p>\n
We\u2019ve seen strong levels of demand so far this year across the upper tiers of the London market, buoyed by the return of foreign homebuyers, in particular.<\/p>\n
So while London may not be seeing any spectacular growth at a top line level, it is very much a case of quality of quantity in the current market.\u201d<\/p>\n
\n
\n\n\n| Table shows the number of \u00a31m property sales in each city, the average median price they sold for, the total market value and the % of total sales they account for<\/th>\n<\/tr>\n |
\n| City<\/th>\n | The number of properties
\nsold above \u00a31 million<\/th>\n | Average median price
\nof properties sold at\/above \u00a31 million<\/th>\n | Total value of properties
\nsold above \u00a31 million<\/th>\n | The number of total properties
\nsoldv<\/th>\n | % proportion of
\nproperties sold over \u00a31 million<\/th>\n<\/tr>\n |
\n| London<\/td>\n | 3,716<\/td>\n | \u00a31,450,000<\/td>\n | \u00a37,501,805,738<\/td>\n | 17,590<\/td>\n | 21.1%<\/td>\n<\/tr>\n |
\n| Bristol<\/td>\n | 86<\/td>\n | \u00a31,228,375<\/td>\n | \u00a3116,740,705<\/td>\n | 4,472<\/td>\n | 1.9%<\/td>\n<\/tr>\n |
\n| Sheffield<\/td>\n | 26<\/td>\n | \u00a31,130,000<\/td>\n | \u00a333,700,000<\/td>\n | 2,872<\/td>\n | 0.9%<\/td>\n<\/tr>\n |
\n| Leeds<\/td>\n | 18<\/td>\n | \u00a31,275,000<\/td>\n | \u00a324,262,000<\/td>\n | 3,156<\/td>\n | 0.6%<\/td>\n<\/tr>\n |
\n| Newcastle<\/td>\n | 14<\/td>\n | \u00a31,250,000<\/td>\n | \u00a320,485,000<\/td>\n | 2,505<\/td>\n | 0.6%<\/td>\n<\/tr>\n |
\n| Cardiff<\/td>\n | 9<\/td>\n | \u00a31,250,000<\/td>\n | \u00a312,325,000<\/td>\n | 1,729<\/td>\n | 0.5%<\/td>\n<\/tr>\n |
\n| Swansea<\/td>\n | 6<\/td>\n | \u00a31,320,000<\/td>\n | \u00a38,060,000<\/td>\n | 1,314<\/td>\n | 0.5%<\/td>\n<\/tr>\n |
\n| Birmingham<\/td>\n | 16<\/td>\n | \u00a31,332,500<\/td>\n | \u00a322,370,250<\/td>\n | 3,896<\/td>\n | 0.4%<\/td>\n<\/tr>\n |
\n| Leicester<\/td>\n | 9<\/td>\n | \u00a31,300,000<\/td>\n | \u00a313,145,000<\/td>\n | 2,231<\/td>\n | 0.4%<\/td>\n<\/tr>\n |
\n| Liverpool<\/td>\n | 7<\/td>\n | \u00a31,925,000<\/td>\n | \u00a311,683,975<\/td>\n | 3,096<\/td>\n | 0.2%<\/td>\n<\/tr>\n |
\n| Manchester<\/td>\n | 8<\/td>\n | \u00a31,290,000<\/td>\n | \u00a310,090,518<\/td>\n | 4,349<\/td>\n | 0.2%<\/td>\n<\/tr>\n |
\n| Bradford<\/td>\n | 0<\/td>\n | 0<\/td>\n | 0<\/td>\n | 1,653<\/td>\n | 0.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n Data sourced from the Land Registry Sold Price records for homes sold in 2023 (Jan to Aug – latest available).
\nExcluding properties listed by type as ‘other’ and focussing on PPD Category A (Primary purchases only).
\nGeolocation filter based on the specific Town\/City category.
\n<\/em><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"The latest research by London lettings and estate agent, Benham and Reeves, has revealed that a fifth of all homes sold so far this year across the capital have done so for \u00a31m or more, by far the largest proportion when compared to other major cities across England and Wales. Benham and Reeves analysed sold … <\/p>\n Continue reading “One in five London homes sold for \u00a31m or more in 2023”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[465],"tags":[],"class_list":["post-1444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-selling"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/1444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/comments?post=1444"}],"version-history":[{"count":6,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/1444\/revisions"}],"predecessor-version":[{"id":1841,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/1444\/revisions\/1841"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/media\/1442"}],"wp:attachment":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/media?parent=1444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/categories?post=1444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/tags?post=1444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} |
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The latest research by London lettings and estate agent, Benham and Reeves, has revealed that a fifth of all homes sold so far this year across the capital have done so for \u00a31m or more, by far the largest proportion when compared to other major cities across England and Wales.<\/p>\n