Sales of £1m+ Houses Exceed Peak Levels for the First Time Since 2007
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The number of £1 million plus homes sold in 2013 will be 10 per cent higher this year than the peak levels of 2007, estimates Hamptons International, a leading residential estate agent.  Hamptons International has calculated that 9,700 properties will be sold for more than £1 million this year compared with the previous peak in 2007 of 8,900*.

Activity in the £1 million plus sector of the market, which has been less affected by mortgage finance constraints, has grown faster than the overall market in every region in the UK except for the North East and Wales this year. This isn’t all due to higher prices either as average house prices are still nine per cent lower than their 2007 peak. Perhaps unsurprisingly, the growth in the £1 million plus sector is led by London, with 70 per cent of £1 million plus properties sold situated in the capital.

Central London dominates the £1 million plus property sales but the popular South West London suburb of Fulham tops the list with 335 sales.  Battersea, a regeneration area, also makes it into the top ten.  Outside of London, the £1 million plus market is concentrated in the South of England commuter belt particularly where there are good transport links to the Capital.

London Top Ten Areas for £1 million + House Sales (2007 figures provided for reference)

2013

2007

Postcode

Area

Av. Price

YTD Sales

Postcode

Area

Av.Price

YTD Sales

SW6

Fulham

£1,779,323

335

SW1

Belgravia

1,789,000

266

SW1

Belgravia

£2,718,000

287

SW6

Fulham

1,470,269

217

W1

Mayfair

£2,718,000

223

SW3

Chelsea

2,481,670

203

NW3

Hampstead

£2,265,976

223

SW7

Knightsbridge

2,106,539

180

SW3

Chelsea

£3,175,936

202

W2

Bayswater

1,728,692

180

W8

Kensington

£2,871,450

193

W8

Kensington

2,261,063

179

SW7

Knightsbridge

£2,871,575

181

NW3

Hampstead

2,083,871

173

SW11

Battersea

£1,427,582

170

W1

Mayfair

1,872,000

154

W2

Bayswater

£2,248,764

158

SW19

Wimbledon

2,281,942

110

NW8

St Johns Wood

£2,871,103

135

W11

Notting Hill

2,307,267

110

Source: Land Registry


Top Ten Areas for £1 million plus House Sales– excluding London(2007 figures provided for reference)

2013

2007

Postcode

Area

Av. Price

YTD Sales

Postcode

Area

Av. Price

YTD Sales

AL5

Harpenden

£1,451,857

70

SL5

Ascot

1,661,400

75

HP9

Beaconsfield

£1,665,129

66

HP9

Beaconsfield

1,500,945

64

RG9

Henley-on-Thames

£1,649,047

43

BH13

Poole

1,618,263

59

OX2

Oxford

£1,793,680

41

SL9

Gerrards Cross

1,334,035

58

SL5

Ascot

£1,860,828

39

GU25

Virginia Water

2,310,663

52

TN13

Sevenoaks

£1,483,740

36

AL5

Harpenden

1,432,055

46

SL9

Gerrards Cross

£1,367,507

35

GU22

Woking

1,282,077

39

BA2

Bath

£1,523,150

30

WD3

Rickmansworth

1,413,511

38

SL6

Maidenhead

£1,422,568

28

RG9

Henley-on-Thames

1,665,602

32

WD3

Rickmansworth

£1,361,852

27

SK9

Wilmslow

1,481,453

32

 

 

Fionnuala Earley, Research Director at Hamptons International, commented on the findings: “The overall housing market is recovering but the £1 million plus market is outperforming all other sectors.  Lower dependence on mortgage finance is a major reason for this extra buoyancy, which has raised activity in this sector above 2007 levels.  Rising house prices are not responsible for more sales drifting into this category either - the average house price in England and Wales is still nine per cent lower than in 2007.

“As a global city attracting wealth from around the world, it’s no surprise to see more £1 million plus sales in London than anywhere else in England and Wales. Interestingly some new hotspots have emerged in this market sector since 2007.  Battersea and St Johns Wood now feature in the top ten, while Wimbledon and Notting Hill are now absent. Beyond the M25, activity hasn’t recovered quite as much, but the hotspots are all in the South of the country with great links to London. Oxford and Sevenoaks make the top ten most buoyant areas in 2013, while Poole and Virginia Water no longer make the cut.


For media enquiries please contact:

Aisling Gray, Senior PR Manager, Hamptons International
020 7758 8422 / 07786 118634 / graya@hamptons-int.com

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