The Top UK Cities with the Most £1m Plus House Sales
Published by Magnate Assets on
Oct 26, 2023
London continues to dominate the high-end property market. According to a recent analysis by London estate agency Benham and Reeves, 21.1% of homes sold this year in the capital exceeded the £1 million price point.
While London may have seen a 0.8% decrease in house price growth over the past year, it remains the powerhouse for homes sold at £1 million or more. In 2023, 3,716 properties in London were sold above this threshold, with an average price of £1.45 million, compared to an average of £565,000 for the rest of the London market.
The cumulative value of these luxury homes reached an impressive £312.2 million. Bristol, with a total value of £156.1 million, takes second place in terms of £1 million-plus sales, although the percentage of these sales in Bristol is just 1.9% of total homes sold.
Rounding out the top five cities for £1 million-plus sales are Sheffield (0.9%), Newcastle (0.6%), and Leeds (0.6%).
Marc von Grundherr, director of Benham and Reeves, notes that London's upper-tier market is thriving, partly driven by a resurgence in foreign homebuyers. Despite London's overall market performance, the luxury property segment remains robust.
Stay tuned for more insights into the UK's property market trends!