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The rise of the £1m+ London home

1 November 2023

More than one in five London homes now sells for £1 million or more, research has revealed.

Analysis of Land Registry figures showed that buyers shelled out seven-figure sums for 21 per cent of the residential properties that changed hands in the capital in the first eight months of this year.

That is up from just 15 per cent in the corresponding period in 2019, showing the extent to which the higher end of London's property market has outperformed the rest during the post-pandemic slump.

The average price of those homes changing hands for more than £1 million has also risen slightly in that time, from £1.4 million to £1.45 million, demonstrating the relative buoyancy of the million-pound market.

London dominated the seven-figure housing market, with a fifth of its sales hitting that threshold in the most recent period, according to the research, compared to fewer than 2 per cent of second-placed Bristol's transactions.

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