Property in: LONDON

12% of London property sales in the first half of 2021 are prime properties

Research by Bective reveals the most active Prime London property market areas in the first half (H1) of 2021 based on price levels and location.

Bective uses data by Land Registry on sold price records and analyses each borough.

It divides the market into three categories: number of deals worth £1m to £3m, £3m to £5m and £5m+.

The research reveals the total number of all prime property market deals (£1m+) in H1 2021 standing at 3,381, which accounts for 12% of all property sales in London.

Key market – deals from £1m to £3m

This key market outperforms any other segment of the prime market: it accounts for 10.8% of the 28,210 property deals in London in H1 2021.

The average property price in this segment stands at £1.3m. This is 2,5 times the  London average.

The Royal Borough of Kensington and Chelsea saw 197 completed property deals in this segment, 39% of all homes sold in the area in 2021.

Deals from £1m to £3m account for more than 30% of all homes sold in Hammersmith and Fulham, Westminster and Camden as well. While in Richmond and Islington the share stands at 25%.

Middle market – deals from £3m to £5m

This middle prime market accounts for 214 home sales, 0.8% of all London home sales. The average property price in the segment stands at £3.65m, a dramatic 609% of the average price in London.

Kensington and Chelsea ranked 1st place again, with 11% of all home sales reaching the middle prime market segment. 

The City of Westminster ranked 2nd place with the 8% share. Then comes Camden (4%) and Hammersmith & Fulham (2%).

Prime property market – deals worth £5m+

This prime property market segment accounts for 117 homes sold in London this year. This is only 0.4% of all the home sales in London in H1 2021.

The average home price stands at £7.1m, an unspeakable 1,279% of the London average.

Only 12 out of 32 London boroughs saw such deals recorded in H1 2021.

The Royal Borough of Kensington and Chelsea saw 54 property deals over the £5m threshold in H1 2021, 11% of all home sales in the area.

Westminster and Camden ranked 2nd and 3rd places with the share standing at 6% and 2% accordingly.

Expert comment

Craig Tonkin of Bective highlights the property boom caused by the Stamp Duty Tax relief. It has not affected the prime property market in London in the same way as it affected the other UK property markets. But the activity in this segment still benefited from the tax holiday. 

However, he predicts the return of international buyers playing a «far more pivotal role» in the following months. He reports an «extremely positive indicator»: there has been an 81% increase in buyer registrations from all over the world in August alone.

Tonkin points out a strong potential for growth as values in areas as Kensington and Westminster are some 25% off the previous market peaks. He predicts a «strong finish to the year» in the major part of the London property market as the interest rates remain at record-low levels.

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