A record one in seven homes sold in London last year fetched more than £1 million new research reveals today.
An analysis of Land Registry data shows 14.1 per cent of residential sales in the capital were for seven figures or more in 2022, compared with 12.4 per cent in 2021, 12.3 per cent in 2020 and just 10.2 per cent in 2019.
The survey carried out by banking and advisory firm Investec Wealth & Investment showed Wandsworth accounted for more £1 million plus sales than any other borough, almost 11 per cent of the total, followed by Kensington & Chelsea, Westminster and Richmond.
Terraced homes made up 42 per cent of the sales ahead of flats and maisonettes on 24 per cent, semi-detached on 18 per cent and detached on 16 per cent.
Investec’s financial planning director Ade Babatunde, said the growing number of million pound sales would mean growing numbers of Londoners dragged into inheritance tax. Couples can leave property worth up to £1 million before any tax is paid.
He said: “Nearly one in seven home sales in Greater London are for more than £1 million which puts the issue of IHT high on the agenda for thousands of homeowners in the capital now and in the future.
“Many will be buying similar priced properties, but significant numbers will be looking to invest the money they have made on their property sale and would benefit from specialist support on managing their wealth.
“We are also seeing parents and grandparents that have decided to downsize for lifestyle reasons, reaching out to us to help them put a strategy in place for what to do with the proceeds, be that to gift, invest or use for a special holiday with lockdowns lifting.“
