With rising property prices, the team at Thomas Sanderson wanted to explore how many homes are selling for over a million pounds in different locations across the UK.
After analysing data from plumplot.co.uk including the number of properties sold over the past 12 months in various locations, the team were able to calculate both the number of and the percentage of homes sold in an area for over a million pounds.
As expected London and it’s commuter areas have the most properties sold for over a million pounds. West Central London (WC) is the most expensive area with 40.2% of all homes sold over the past year selling for over a million pounds. South West London (SW) has the highest number of properties sold for over a million pounds but when compared to all homes sold in the area, only equates to 27.7%.
On the other hand, 7.9% of the properties sold in St Albans over the past 12 months went for over a million pounds followed by Twickenham with 9.7% and Slough with 11.1%, perhaps making these areas more desirable to buy in for those working in central London.
Outside of London, Oxford has the highest number of homes sold for over a million pounds with 257 properties equating to 3.6% of the total houses sold in the area. This was followed by Southampton and Brighton where, in both locations, properties which sold for over a million pounds accounted for less than 5% of all house sales over the past year.
In general Wales has the least number of homes sold for over a million pounds. In Mid Glamorgan only 1 property has sold for over a million pounds in the past 12 months. Also in Wales, Gwent and Dyfed were close behind followed by Durham where, out of the 11,200 houses sold in the past 12 months, just 6 were sold for over a million pounds. The full list of all counties is here:
Richard Petrie, home expert at Thomas Sanderson, commented:
“We already know it’s hard to buy a property in London but the research emphasises just how tough, as over 1 in 9 properties in greater London sell for over a million pounds.
In general properties are more expensive in the south but the north is not to be discounted as counties like Rutland, Cheshire and North Yorkshire have all found themselves in the top half of the table. It just goes to show that all over the UK it is becoming increasingly harder for first time buyers to get on the property ladder.”