The two London postcodes where you need a minimum of £1m to buy a home

The latest research by central London estate agency, Bective, has highlighted which London postcodes are currently the most active areas of the prime London market based on the level of available stock for sale at the £1m, £3m and £5m thresholds. 

Bective analysed the number of total property listings at each price point of the market currently listed online and what percentage of total property listings they accounted for. 

The core market (£1m+)

The research shows that across the capital there are nearly 14,000 homes listed for sale for over £1m accounting for 22% of all homes listed in London. 

The W1S and WC2A postcodes rank top for the most million pound property market activity, with 100% of current property stock listed on the market sitting at or above the £1m mark. 

95% of current property stock listed in the W1B and SW1A postcodes are priced at £1m or more, with the SW1X (94%) postcode completing the top five. 

The mid-prime market (£3m+)

Homes listed at £3m or more account for just 4% of total property market listings currently for sale across the London market. 

The W1U postcode is home to the highest level of activity at this price threshold, with 65% of all homes currently listed for sale holding a price tag of £3m or higher. 

The W1S (63%), W1K (63%), W1J (53%) and SW1X (49%) postcodes are also the most active across this threshold of the market. 

The prime market (£5m+)

Finally, homes listed for £5m or more account for just 2% of total properties listed for sale on the London market. 

The W1K postcode ranks as the most active at this top prime market tier, with 43% of all properties listed for sale in the postcode coming in above £5m.

The W1B (42%), W1U (41%), W1S (40%) and SW1A (38%) postcodes again rank as some of the most active at this level of the market when it comes to homes listed for £5m or more as a percentage of total property stock available on the current market. 

Bective’s Head of Sales, Craig Tonkin, commented:

“We’ve seen a strong year for the London market all things considered. Not only have buyer enquiries increased but so too have property values and the number of transactions taking place. 

As a result of this growing market momentum, we’ve seen an uplift in valuations as sellers start to prepare for a busy 2022. 

So come the new year, we expect to see an even greater volume of prime properties listed on the market and this influx of stock should only strengthen the positive trends seen so far in 2021.” 

Data sourced from the Rightmove (03/12/2021) taking the level of homes for sale above each price threshold and looking at what percentage of total listings they account for.