Britain’s extraordinary million-pound homes market has been laid bare in a report.
It reveals that there are 21,484 for sale in the UK at the moment and that 77% of them are to be found in London and the Home Counties.
The market therefore contains property worth at least £21.5 billion and, if buyers can be found, generate fees of approximately £322 million for their selling agents.
The research by online estate agency HouseSimple also found that 84% of million-pound-plus homes within London are flats and that the majority of this property type are concentrated in just five boroughs.
These are Kensington & Chelsea, the City of Westminster, Camden, Wandsworth and Southwark. The Home Counties with the most million-pound homes for sale are:
- County set
Areas outside London and the Home Counties feature within the research, but numbers are low compared to the capital.
Cheshire has the highest concentration of million-pound properties with 341 followed by Greater Manchester (206) and North Yorkshire (133) although several counties barely scrape in such as Rutland (11) and Durham (12).
“Although Brexit has loomed large over house prices in London recently, the capital remains a global city with property values to match,” says Sam Mitchell, CEO of HouseSimple (left).
“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.”