Epitome of Elegance: London's Opulent Residences Dominate the Property Market Scene

Epitome of Elegance: London's Opulent Residences Dominate the Property Market Scene

  • Claudine Montano
  • 01/18/24

Welcome to the world of Luxury living in England! This year the luxury market showed its incredible power to carry a nation's housing mark.  The prominence of high-end homes priced above £1 million in the London property market. The study examined property listings across different price ranges and found that luxury homes in the £1 million and above category lead in both market activity and buyer demand in the capital. Earlier studies by the same agent revealed that, in the current year, 21.1% of all property sales in London were in the £1 million and above price range, with a total of 3,716 properties sold. The latest research further emphasizes the dominance of this high-value category, not only in buyer interest but also in the available for sale stock in London.

In London, there are approximately 19,116 homes listed at £1 million or higher, constituting 19% of the city's total market stock, the largest among all price categories. A significant 85% of all homes in the UK priced at £1 million or more are located in London. The next closest price category is the £400,000 to £499,999 bracket, representing 16% of the total market, followed by properties priced between £300,000 and £399,999 at 14%. Homes priced below £100,000 are scarce in the capital, making up only 1% of the currently available for sale stock.

Currently, 77% of properties priced at £1 million or above are currently under offer or sold subject to contract, indicating strong demand in this high-end segment. Conversely, the £400,000 to £499,999 bracket experiences the lowest demand, with 59% marked as under offer or sold subject to contract. The entire UK shows robust buyer demand across various price brackets, except for homes priced £800,000 and above. This underscores that luxury homes are the driving force behind London's current property market. Marc von Grundherr, Director of Benham and Reeves, noted that demand is highest in the £1 million plus market, both in sales and rentals, while lower-tier markets are more susceptible to economic uncertainty and increased buying costs due to rising mortgage rates.


Don't let the statistics scare you, not when you can trust a season realtor who knows how to help you with her many years of expertise in the luxury market - Call the Penthouse Queen, and let us guide you through your next transation. 


Work With Claudine

With more than a decade of experience, Claudine Montano possesses a strong business acumen of Toronto’s constantly evolving real estate market. Claudine Montano is a Broker of Record with RE/MAX Hallmark Montano Group Realty affiliated with RE/MAX Hallmark.

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