22 Feb Property prices in the top 1% of the market go for 698% more than the national average
The latest market analysis by national estate agent, Keller Williams UK, has revealed what the top 1% of the national property market currently looks like in terms of both transactions and the average price of property.
Keller’s analysis dissected the property market across England and Wales based on sold price records over the last year. The research shows that 552,145 residential sales took place in 2020, with the top 1% of these selling for an average of £1.9m.
The lowest sold price in the top 1% was £1,431,290, climbing to a huge £250,000,000 and the average sold price of £1.9m is a hefty 698% higher than the average sold price of £238,000 seen across the other 99% of the market.
However, Keller Williams also analysed the market across 16 major UK cities and found that in London, the disparity in price between the top 1% of the market and the rest is even greater. With an average sold price of £5.1m, the top 1% of homes go for 970% more than the average of £480,000 seen across the rest of the market.
Bournemouth, Christchurch and Poole ranked with the second largest jump between the rest of the market and the top 1%, with a 609% difference between an average of £2m across the highest market threshold and £290,000 across the rest.
Newcastle (514%), Sheffield (458%) and Swansea (447%) were also home to some of the biggest jumps between the average sold price across the rest of the market and the top 1%.
The smallest gap? Southampton, where homes across the top 1% of the market sold for an average of £642,500 last year compared to £218,000 across the rest of the market. That said, this is still a 195% difference in price.
CEO of Keller Williams UK, Ben Taylor, commented:
“The national property market is extremely diverse and not only do property prices differ from one region to the next, but there’s even a huge disparity in values across the same locations.
Wherever you look to buy, the accolade of purchasing in the top one percent isn’t one that comes cheap and sold prices in this very top tier average a staggering amount when compared to the rest.
This contrast is predictably at its greatest across the capital and it’s fair to say that the top one percent of London homebuyers are as close to real estate royalty as you will find anywhere in the world.”