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The city of London has emerged as the land of the $1 million home
The city of London has emerged as the land of the $1 million home

The city of London has emerged as the land of the $1 million home

  • 22/03/2023

LONDON: A mansion costing more than £1 million, or roughly $1.186 million, used to be considered a sign of wealth in the British capital. Not as much these days. (Reported by news source)

According to British government statistics, the average resale home in London has a sale price of £537,510, or around $637,200, excluding newly constructed homes. But it's becoming more typical to possess a seven-figure home in the nation's capital. In 41% of London's 283 postcode codes, the average sale price of a home was £1 million or higher as of November 2022, according to research by estate company Hamptons.

By 2021 and 2022, six neighbourhood postcodes reached the $1 million mark. These range from historic Victorian slums to second-class districts that have seen a wave of new residents move in from more affluent areas.

 

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