OK, OK, we all know London is heaving with multi-million pound pads. From classic period properties, to modern masterpieces, the capital’s bricks and mortar is known for its chunky price tags.
Little wonder then, that it boasts the highest proportion of luxury property for sale in Britain, with 8.6% of homes on the market in the capital worth £2m or more, according to eXp Luxury.
But break away from London, where else are the streets (allegedly) paved with gold?
Step forward Bath. Famed for its Roman origins and grand Georgian architecture (among other things), the city has been crowned the nation’s luxury property hotspot outside London. Some 3.1% of all homes listed for sale in Bath boast a price tag of £2m or more.
This stylish Grade I-listed townhouse is located in a sought-after spot on the Paragon, a late 18th century terrace in the Bath Conservation Area, according to the selling agent, Inigo. It could be yours - for £2,250,000.
Bohemian Brighton follows suit, with 1.3% of all homes on the market commanding an asking price of £2m or more.
This Grade II listed, double fronted townhouse, in the heart of the seaside city, could be just the ticket. It's on sale for £2,000,000 via Savills.
Edinburgh also makes an appearance in eXp Luxury’s top ranking. At 0.8%, it has the highest proportion of luxury sales listings in Scotland.
If you’re in the market (and have deep pockets), how about this impressive A-listed, four-storey townhouse set in Edinburgh's exclusive New Town neighbourhood? It's on sale with Rettie & Co for £4,750,000.
Leeds completes the top hotspots, with 0.6% of homes for sale marketed for £2m or more.
eXp Luxury’s analysis looked at how many £2m-plus properties are for sale across 15 major British cities - and which are home to the highest proportion of this stock.
‘London remains by far the most dominant market when it comes to the volume of homes listed for sale commanding a price tag of £2m or more,’ says Head of eXp UK, Adam Day.
‘But that’s not to say that the luxury market is refined to London alone and, in fact, there are a number of other cities up and down the nation that boast a healthy level of high-end stock.’
Stamp duty changes spark first-time buyer rush
First-time buyers are rushing to get sales over the line in more expensive areas before stamp duty thresholds change in April, suggests Rightmove.
It comes after the government revealed in the Autumn Budget that current stamp duty relief would end on 31 March, 2025. It means that from next April, just 8% of homes for sale will be stamp duty-free for first-time buyers in London. The level will be 24% in the South East and 32% in the East of England.
According to the property portal, first-time buyer appetite in London before the Autumn Budget was 28% ahead of last year. Now, it is 31% ahead.
Over in the East of England, demand pre-Autumn Budget was also 28% ahead of last year, and it’s now ticked up to 32%. And that upward trend is echoed in the South East of England too, where the figure has shifted from 23% to 24% ahead of last year.
In contrast, most other areas of England have seen a drop in buyer demand since the Autumn Budget - except for the North East.
‘In London and higher-priced areas, where first-time buyers are most likely to be affected, we’re seeing some pull forward their plans to try and avoid higher charges,’ says Tim Bannister, Rightmove’s property expert.
‘In most other areas of England, which have a greater availability of stamp duty-free homes for first-time buyers, we’re seeing the opposite trend of some first-time buyers taking a pause for breath with no further help announced in the Autumn Budget.’
This mood is mirrored in a recent Savills survey of ‘prime’ home movers, which reveals that first-time buyers and buyers looking at property worth £250-£500,000 are the most incentivised to move.
Nick Maud, director of research at Savills, adds that ‘younger buyers in their 20s and 30s were the most likely to be active in the market in the short term’.
Buying a home becomes more affordable
And now for some festive cheer! Buying a home has become more affordable relative to income, according to Halifax.
House prices have climbed by 3.8% compared with a year ago, hitting an average £292,508.
Meanwhile annual earnings for full-time workers have increased by 5%, to reach an average £44,667, over the same timescale.
And that puts the house price to income ratio at 6.55 - down from a record high of 7.24 in the summer of 2022.
Amanda Bryden, Head of Halifax Mortgages, says improving affordability is ‘great news for first-time buyers and existing homeowners looking to remortgage or move up the property ladder.
‘However, while homes are becoming more affordable, the progress has been gradual. Buying a property remains a significant challenge for many, with prices still near record highs and interest rates likely to stay higher than we’ve been used to over the past decade.’
Credit: Getty
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