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Research by central London estate agency, Bective, has revealed areas of the prime London market that have been most active in 2021 based on both price threshold and location.

Bective’s analysis of Land Registry sold price records dissects the market based on the number of transactions seen at £1m-£3m, £3m-£5m and £5m+ across each borough.

The research shows that across all segments of the prime market, 3,381 transactions have taken place during the first half of this year, accounting for 12% of all London property sales.

Zeus – MPU 1

The core market – £1m-£3m

The core prime market has been the most active during the first six months of the year, accounting for 10.8% of the 28,210 homes sold across London so far this year.

With an average sold price of just over £1.3m, properties at this tier of the market are selling for 153% more than the London average.

Kensington and Chelsea has seen 197 transactions complete at this rung of the market, accounting for 39% of the 508 homes sold in the borough in 2021.

Hammersmith and Fulham (34%), Westminster (33%) and Camden (30%) have also seen 30% or more of homes sold in their respective boroughs do so for between £1m and £3m, while in Richmond and Islington a quarter of transactions sit within this price range.

The mid-market – £3m+ to £5m

Across the mid-prime market, 214 transactions have completed so far this year equating to just 0.8% of all London transactions.

With an average sold price of £3.65m, this segment of the market comes in some 609% more expensive than the London average.

While Kensington sits top with 11% of all homes sold at this price threshold again, Westminster ranks second with 8% of all transactions completed in the borough between £3m to £5m.

With just 4% of the overall transactions taking place at this level of the prime market, Camden also places above Hammersmith and Fulham (2%).

The prime market – £5m+

There have been just 117 homes sold over the £5m threshold so far in London this year, amounting to 0.4% of total transactions across the capital.

With an average sold price of £7.1m, the cost of purchasing within the prime market comes in at 1,279% higher than the average London home.

Only 12 out of the 32 boroughs have seen transactions at this price point this year, with just five boroughs seeing more than a handful of sales.

In Kensington and Chelsea, 54 homes have sold for more than £5m in 2021, accounting for 11% of all homes sold in this borough.

Westminster (6%) and Camden (2%) again rank high, along with Merton (0.4%) and Richmond (0.3%).

Bective Revenues Director, Craig Tonkin, commented:

“Unlike much of the UK, London’s top tier property market hasn’t been hit by the same level of homebuyer hysteria as a result of the stamp duty holiday.

However, that’s not to say it hasn’t played a part and market activity in the first half of this year has certainly benefited.

However, looking forward we expect the return of international interest to play a far more pivotal role over the remainder of the year.

We’ve already seen buyer registrations from all corners increase by 81% in the last month alone which is an extremely positive indicator.

Property values across the likes of Kensington and Chelsea and Westminster are also some twenty to twenty-five per cent off previous market peaks so there is still a strong level of growth potential.

When coupled with the fact that interest rates remain at an all-time low, we should see a strong finish to the year across much of the London market.”

General prime market – £1m to £3m

Location

All Transactions

Transctions between £1m & £3m

£1m to £3m as % of all

Average sold price – All

Average sold price – £1m to £3m

Price difference (%)

Kensington and Chelsea

508

197

39%

£1,200,000

£1,550,000

29%

Hammersmith and Fulham

612

209

34%

£757,500

£1,435,000

89%

City of Westminster

561

184

33%

£930,000

£1,366,250

47%

Camden

591

180

30%

£762,000

£1,513,500

99%

Richmond upon Thames

1,035

267

26%

£692,500

£1,350,000

95%

Islington

542

136

25%

£650,000

£1,348,500

107%

Wandsworth

1,511

341

23%

£662,500

£1,290,000

95%

Barnet

1,174

201

17%

£610,000

£1,275,000

109%

City of London

37

6

16%

£712,000

£1,121,300

57%

Hackney

683

108

16%

£582,000

£1,237,500

113%

Haringey

700

103

15%

£559,500

£1,350,000

141%

Brent

580

74

13%

£563,125

£1,387,500

146%

Southwark

868

109

13%

£567,500

£1,300,000

129%

Lambeth

1,107

139

13%

£560,000

£1,295,000

131%

Ealing

812

101

12%

£530,000

£1,375,000

159%

Merton

779

93

12%

£548,000

£1,250,000

128%

Hounslow

635

60

9%

£480,000

£1,348,750

181%

Kingston upon Thames

788

69

9%

£546,000

£1,200,000

120%

Tower Hamlets

702

59

8%

£510,000

£1,177,400

131%

Harrow

673

50

7%

£550,000

£1,215,125

121%

Bromley

1,768

98

6%

£500,000

£1,215,000

143%

Enfield

931

47

5%

£473,000

£1,150,000

143%

Lewisham

1,065

47

4%

£490,000

£1,250,000

155%

Redbridge

842

37

4%

£490,000

£1,165,000

138%

Greenwich

882

35

4%

£450,000

£1,300,000

189%

Hillingdon

980

26

3%

£465,000

£1,242,500

167%

Sutton

945

19

2%

£450,000

£1,120,000

149%

Havering

1,280

19

1%

£410,000

£1,200,000

193%

Croydon

1,401

19

1%

£425,000

£1,250,000

194%

Waltham Forest

1,119

11

1%

£520,000

£1,160,500

123%

Newham

563

2

0.4%

£425,000

£1,110,000

161%

Bexley

1,129

4

0.4%

£400,000

£1,240,000

210%

London

28,210

3,050

10.8%

£515,000

£1,302,250

153%

Data sourced from the Land Registry Price Paid records based on the total number of transactions and average sold prices across each price threshold for Category A residential purchases excluding properties listed by type as ‘other’.

Mid-prime market – £3m to £5m

Location

All Transactions

Transctions between £3m+ & £5m

£3m+ to £5m as % of all

Average sold price – All

Average sold price – £3m+ to £5m

Price difference (%)

Kensington and Chelsea

508

55

11%

£1,200,000

£3,800,000

217%

City of Westminster

561

46

8%

£930,000

£3,575,000

284%

Camden

591

25

4%

£762,000

£3,700,000

386%

Hammersmith and Fulham

612

11

2%

£757,500

£3,470,000

358%

Islington

542

8

1%

£650,000

£3,121,728

380%

Merton

779

11

1%

£548,000

£3,875,000

607%

Richmond upon Thames

1,035

11

1%

£692,500

£3,750,000

442%

Southwark

868

8

1%

£567,500

£3,562,550

528%

Wandsworth

1,511

9

1%

£662,500

£3,700,000

458%

Barnet

1,174

6

1%

£610,000

£3,527,500

478%

Hounslow

635

3

0.5%

£480,000

£3,500,000

629%

Haringey

700

3

0.4%

£559,500

£3,879,000

593%

Kingston upon Thames

788

3

0.4%

£546,000

£3,320,000

508%

Brent

580

2

0.3%

£563,125

£3,425,000

508%

Bromley

1,768

4

0.2%

£500,000

£3,466,667

593%

Lambeth

1,107

2

0.2%

£560,000

£3,765,000

572%

Hackney

683

1

0.1%

£582,000

£4,200,000

622%

Tower Hamlets

702

1

0.1%

£510,000

£3,500,000

586%

Greenwich

882

1

0.1%

£450,000

£3,235,000

619%

Enfield

931

1

0.1%

£473,000

£3,850,000

714%

Hillingdon

980

1

0.1%

£465,000

£3,950,000

749%

Lewisham

1,065

1

0.1%

£490,000

£3,500,000

614%

Croydon

1,401

1

0.1%

£425,000

£3,000,000

606%

London

28,210

214

0.8%

£515,000

£3,650,000

609%

Data sourced from the Land Registry Price Paid records based on the total number of transactions and average sold prices across each price threshold for Category A residential purchases excluding properties listed by type as ‘other’.

Upper-prime market – £5m plus

Location

All Transactions

Transctions above £5m

£5m+ as % of all

Average sold price – All

Average sold price – £5m+

Price difference (%)

Kensington and Chelsea

508

54

11%

£1,200,000

£7,675,000

540%

City of Westminster

561

31

6%

£930,000

£7,500,000

706%

Camden

591

13

2%

£762,000

£7,250,000

851%

Merton

779

4

0.5%

£548,000

£5,823,750

963%

Richmond upon Thames

1,035

4

0.4%

£692,500

£6,950,000

904%

Haringey

700

2

0.3%

£559,500

£8,250,000

1375%

Kingston upon Thames

788

2

0.3%

£546,000

£6,222,500

1040%

Wandsworth

1,511

3

0.2%

£662,500

£5,685,500

758%

Ealing

812

1

0.1%

£530,000

£5,545,000

946%

Redbridge

842

1

0.1%

£490,000

£23,300,000

4655%

Enfield

931

1

0.1%

£473,000

£5,750,000

1116%

Barnet

1,174

1

0.1%

£610,000

£12,500,000

1949%

London

28,210

117

0.4%

£515,000

£7,100,000

1279%

Data sourced from the Land Registry Price Paid records based on the total number of transactions and average sold prices across each price threshold for Category A residential purchases excluding properties listed by type as ‘other’.

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