The leafy borough of Wandsworth has been named as the capital’s hotspot for property transactions of £1m over the last year.
The south-west London borough accounted for 11 per cent of high end transactions over the last year, out of a total 6,312 transactions for between £1m and £3m across London.
Kensington and Chelsea and Richmond were also popular areas, making up nine and eight per cent of the total respectively , according to central London estate agency Bective.
For buyers willing to splurge more on a home, the traditionally desirable areas of Kesington and Chelsea topped the mid-prime market for homes costing between £3m and £5m.
Out of the 438 purchases between £3m and £5m, Kensington and Chelsea made up 23 per cent while Westminster accounted for 21 per cent.
The two boroughs also made up a sizable proportion of the priciest properties, with Kensingtron and Chelsea making up 43 per cent of the 212 homes purchased for more than £5m. Transactions for properties in Westminster made up a quarter of the figure.
Bective’s head of sales, Craig Tonkin, said demand from overseas was anticipated to drive up transactions and prices in 2022. This would follow a “healthy level of activity” in the prime market in 2021.
Wandsworth was a popular choice among buyers owing to its abundance of larger family homes, with families keen to move into homes with more space and access to greenery amid the pandemic.
He added: “Wandsworth itself is home to a wide range of housing stock and the regeneration of Nine Elms, in particular, is helping to boost buyer demand due to improved transport infrastructure, the availability of new housing and investment into retail and office space drawing big names such as Apple to the area.”
However, for the priciest homes, appetites for homes in Kensington and Chelsea and Westminster were unlikely to be dampened by the pandemic, Tonkin explained.