One third of £1m properties in the UK are located in just five London boroughs

by Jonny Stevens on 25th February 2019

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 our research.

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 - but you do get a lot more for your money. For example, Tixover Hall, a five-bedroom country house in the hamlet of Stamford, Rutland, is on the market for £1,995,000.

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, comments: “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.

“With online estate agents closing the gap on traditional agents in terms of customer service, local knowledge and access to buyers, owners of £1m plus houses stand to save tens of thousands of pounds by going with online agents - a timely bonus to help with higher stamp duty or doing up any new property.”

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