Investec Prime Property Index 2024 highlights how London dominates when it comes to the sale of £1m+ homes
Investec's latest Prime Property Index highlights the average price, discount and stock levels you can expect for £1m+ homes if you’re looking to buy or sell in London or the South East.
As the engine of the UK’s housing market, it is no surprise that the Greater London area dominates when it comes to properties on sale for £1m+.
Investec specifically looked at the second half of 2023 (1 June – 1 Dec) and focused only on properties valued at over £1m. Here are some of Investec's findings:
- There were 17,609 homes listed in Greater London at over £1m between (1 June – 1 Dec) with an average sale price of £1.85m.
- The area with the highest average sale price was the W8 postcode (Kensington) at £3.51m, followed by SW3 (Chelsea) at £2.79m and NW3 (Hampstead) at £2.75m.
- SW11 (Battersea) had the lowest average sale price at £1.72m.
- The average asking price reduction on a £1 million+ in London was £159,541.
- The average time a £1m home in London was listed for was 99 days.
Aaron Strutt, product director at Trinity Financial, says: "Investec is one of the major players in the high net worth mortgage market with a reputation for issuing larger loans.
"Private banks and high street mortgage lenders have been reducing the price of their million+ mortgages and they are much cheaper than they were.
"If your income is relatively standard, it may be possible to get a large mortgage loan through a more standard bank like HSBC or Barclays, but if your financial situation is more complex or you have a smaller deposit, a private bank like Investec may be a good option."
For property prices within London, the highest average sale price among £1m+ properties is the W8 (Kensington) postcode at £3.51m. This is followed by SW3 (Chelsea) at £2.79m, NW3 (Hampstead) at £2.75m, and SW11 (Battersea), which has the lowest average sale price at £1.72m.
In Surrey, the average sales price of properties listed for £1m+ was £1.58m. The average reduction in the original asking price on properties listed for £1m+ in Surrey is £153,956. Between 1 June - 1 December 2023, 2,928 properties were put on the market at £1m+. Of these, 79 (2.7%) have swimming pools. The typical £1m+ home spends 81 days on the market.
According to Investec's research, the average sales price of properties listed for £1m+ in Kent is £1.41m. The average reduction in the original asking price on properties listed for £1m+ in Kent is £149,218. Between 1 June - 1 December 2023, 1,239 properties were put on the market at £1m+. Of these, 42 (3.4%) have swimming pools. The typical £1m+ home spends 99 days on the market.
Source: Investec Property Index 2024
Call Trinity Financial on 020 7016 0790 to secure a £1m+ mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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