London £1m property market continues recovery

* 86% of the million pound property sales in Britain in 2009 were in London and the South East;

* London’s share of all million-pound property sales in Great Britain has risen in 2009 from 52% to 59%;

* Elmbridge has the most-million pound property sales outside London, while Edinburgh has slipped from second to ninth;

* 17 local authorities recorded an increase in million pound property sales in 2009.

Last year, 4725 million pound properties were sold in Great Britain, compared with 5302 in 2008 and 9003 in 2007.

There were large differences between the regions of Great Britain, with Greater London the only area seeing an increase
in sales from 2008 to 2009. The South West and South East regions saw decreases of 16% and 21% respectively, better
than the rest of the country.

In contrast, Wales, Scotland and the North East saw decreases of 44%, 44% and 57% respectively. It would seem that the
effects of the credit crunch have now spread to those regional million pound property markets furthest from London.

The Greater London region recorded the highest number of million pound properties sold in 2009, with 2782 sales, followed by the South East, with 1304 sales.

Combined, 4085 out of 4725 million pound property sales in Great Britain (86%) were in Greater London and the South East, compared with 4384 out of 5302 (83%) in 2008 and 7627 out of 9003 in 2007 (85%).

London’s share of all million pound property sales in Great Britain has risen in 2009 from 52% to 59%.

Almost six out of every 10 properties sold for in excess of £1million in Great Britain is a London property. London’s
share of all million pound property sales in Great Britain has risen from 52% in 2008 (2736 out of 5302) to 59% in 2009 (2782 out of 4725).

At the same time, the South East region’s share has decreased from 31% in 2008 (1648 out of 5302) to 28% in 2009 (1304 out of 4725).

Increasing by nearly 11% in 2009, Kensington & Chelsea has the highest number of million pound property sales by local authority, but not all Greater London authorities have seen a recovery.

The picture emerging from London’s most important concentrations of million pound property is that, while some authorities have seen growth in sales in 2009, others are still in decline. Wandsworth and Hammersmith & Fulham lead the way in sales growth, with increases of 32% and 21% respectively, followed by Kensington & Chelsea with its 11% growth and Richmond with 9%.

But Islington, Camden, Merton and City of Westminster all continued to struggle, with falls in sales of 10%, 8%, 7% and 2% respectively.

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