£1m-plus homes on the rise following house price boom

The housing market boom of 2021 has given rise to an increasing number of £1m-plus deals. 

Government statistics analysed by mortgage firm Henry Dannell show that in England and Wales there were 13,018 properties purchased at £1m or more in 2021 - three per cent of the entire transactions total. 

London is home to by far the highest level of transactions taking place at £1m or more. 6,312 transactions took place last year at this price threshold - that’s 12 per cent of the London market. 

The South East saw the second highest level at four per cent followed by the East of England and the South West on two per cent each. 

Kensington and Chelsea remains the crown jewel of expensive homes with 59 per cent of all sales hitting £1m or more; Westminster was second with 44 per cent and Camden third on 37 per cent. 

Henry Dannell director Geoff Garrett says: “Although the London market has generally trailed much of the UK where top line property price appreciation is concerned, it remains the predominant market for property purchases at one million pounds or more by quite some margin. 

“While the pandemic and ongoing advice to work from home has dented the appetites of domestic London buyers to a certain extent, a consistent stream of foreign interest has slowly been building across the top tier of the London market.”