Data from Benham and Reeves, a prominent London lettings and estate agent, shows that about one in every five homes in London has been sold for £1 million or more this year. This trend underscores the capital’s unyielding allure among the affluent, marking it as a hotspot for high-value property deals.

Diving into the digits, the data discloses that out of all the homes sold in the capital, a staggering 3,716 properties have changed hands for £1 million or more, representing 21.1% of total sales. This percentage isn’t just a figure; it’s a testament to London’s enduring appeal and the confidence that property investors place in its grounds.

How Other Cities Stack Up

While London is in a league of its own, other major cities across England and Wales also witnessed transactions in the million-pound echelon, albeit in significantly lesser volumes.

Bristol emerges as the runner-up in this high-stakes property race, with 86 homes sold for £1 million or more. However, these transactions account for a mere 1.9% of the city’s total property sales, paling in comparison to London’s commanding lead. Other cities, including Sheffield (0.9%), Newcastle (0.6%), and Leeds (0.6%), have also made it to the top five list, although their million-pound property sales constitute less than 1% of all homes sold in 2023.

London’s Market: A Narrative of Quality Over Quantity

Commenting on the trend, Marc von Grundherr, director of Benham and Reeves, articulates a critical point. Although London’s market might not have mirrored the robust house price growth seen in other parts of the nation, it stands unrivaled in the segment of £1 million-plus homes. The city’s property narrative is less about the sheer volume of sales and more about the caliber and value of the properties sold.

The capital’s property market, particularly its upper echelons, has witnessed a resurgence of demand. This revival is significantly attributed to the return of foreign homebuyers, adding a substantial thrust to the market dynamics. London may not be witnessing a broad-brush boom, but when it comes to the luxury segment, it’s clearly prioritizing the quality of sales over quantity.