- The variety of houses on the market priced at £1 million or extra has doubled (+103%) throughout Nice Britain since 2019, with simply over 5% of all properties now commanding seven-figure value tags
- Cornwall leads the cost outdoors London with a 246% improve in million-pound properties, adopted by Uttlesford (+233%) and Somerset (+226%)
- It’s not all in regards to the capital – areas like Mole Valley now have 22% of houses priced over £1 million, whereas 66 places outdoors London boast common asking costs above the million-pound mark, up from simply 30 in 2019
The million-pound property market has doubled since earlier than the pandemic, with our newest knowledge displaying the areas which have seen the most important rises. Which means simply over 5% of all properties at present in the marketplace now carry seven-figure asking costs, in comparison with beneath 3% six years in the past.
The rise of latest million-pound markets
One of the crucial vital traits has been the emergence of solely new million-pound markets outdoors the capital. Again in 2019, 30 areas outdoors London had common asking costs of £1 million or extra. At present, that determine has greater than doubled to 66 places, displaying how the seven-figure value level has change into more and more widespread throughout the nation.
Mole Valley in Surrey is a placing instance of this pattern. The world now has 22% of its houses on the market priced at £1 million or extra – a major soar from 10% in 2019.
The rise represents one of many greatest shifts in market composition wherever within the nation. Mole Valley’s attraction lies in its mixture of countryside attraction, glorious transport hyperlinks to London, excellent faculties, with properties starting from interval cottages to trendy household houses.
“Mole Valley is a standout, with 22% of its houses on the market now within the million-pound bracket,” says Colleen. “The variety of areas outdoors of London the place the common value is 1,000,000 kilos or extra has additionally greater than doubled, displaying that the million-pound mark is turning into extra widespread in varied places.”
What’s driving the rise?
A number of elements have contributed to the dramatic enlargement of the million-pound market.
The pandemic essentially modified how folks take into consideration their houses, with many prioritising house, gardens, and places that supply a greater high quality of life. Distant and hybrid working preparations have additionally freed consumers from the necessity to dwell inside commuting distance of metropolis centres, opening up new prospects in beforehand neglected areas.
As well as, traditionally low rates of interest for a lot of the interval since 2019 made costly properties extra accessible to consumers, whereas provide constraints in lots of fascinating areas have pushed costs upward. The need for properties with character, heritage and distinctive options has additionally pushed demand for premium houses in places with wealthy histories and pure magnificence.
Cornwall’s coastal attraction instructions premium costs
In Cornwall, the variety of million-pound houses on the market has greater than tripled since 2019 (+246% improve). The county’s beautiful shoreline, picturesque villages and attraction as a life-style vacation spot have clearly struck a chord with consumers searching for a life by the coast.
Our property knowledgeable, Colleen Babcock, says: “The surge in million-pound houses on the market throughout Nice Britain is substantial. This isn’t simply occurring in London; locations like Cornwall, Uttlesford, and Somerset are additionally seeing huge jumps within the variety of high-value properties.”
Certainly, following Cornwall’s lead, Uttlesford in Essex has seen a 233% improve in million-pound properties, whereas Somerset rounds out the highest three with a 226% rise. These areas reveal how the posh property market has unfold far past conventional hotspots, pushed by elements together with way of life modifications, distant working flexibility, and consumers searching for more room and pure magnificence.
Greatest improve in proportion of million-pound properties on the market
| Space | Area | Proportion of houses on the market which can be 1,000,000 kilos in 2025 | Proportion of houses on the market that have been 1,000,000 kilos in 2019 | Uplift in proportion of million-pound houses 2025 vs 2019 |
|---|---|---|---|---|
| Mole Valley | South East | 22% | 10% | +12% |
| Waverley | South East | 22% | 11% | +11% |
| Windsor and Maidenhead | South East | 23% | 13% | +10% |
| St Albans | East of England | 18% | 9% | +9% |
| Richmond upon Thames | London | 33% | 24% | +9% |
| Tunbridge Wells | South East | 15% | 7% | +8% |
| Elmbridge | South East | 33% | 25% | +8% |
| Cotswold | South West | 14% | 6% | +8% |
| Three Rivers | East of England | 21% | 13% | +8% |
| Buckinghamshire | South East | 16% | 8% | +8% |
Greatest improve in quantity of million–pound properties on the market
| Space | Area | % improve in million-pound houses on the market |
|---|---|---|
| Cornwall | South West | +246% |
| Uttlesford | East of England | +233% |
| Somerset | South West | +226% |
| North Yorkshire | Yorkshire and The Humber | +210% |
| Wealden | South East | +201% |
| Wiltshire | South West | +193% |
| Check Valley | South East | +188% |
| Chelmsford | South East | +188% |
| Tunbridge Wells | South East | +183% |
| East Hampshire | South East | +177% |
Regardless of the expansion in different areas, London continues to dominate in relation to the sheer quantity of million-pound properties. Westminster tops the checklist for the very best variety of seven-figure houses, adopted by Kensington & Chelsea and Wandsworth.
The capital’s enduring attraction lies in its mixture of world-class facilities, cultural sights, enterprise alternatives and architectural heritage. From grand Georgian terraces to trendy penthouses with Thames views, London’s various property portfolio continues to draw each home and worldwide consumers prepared to pay premium costs.
Nonetheless, even inside London, the market is evolving. The Borough of Richmond has just lately crossed the million-pound threshold for the primary time, with common asking costs now reaching £1,006,981. This milestone displays how the posh market continues to increase into areas that have been beforehand thought of extra reasonably priced alternate options to central London.
The header picture for this text is supplied courtesy of Foxtons, Overlaying Berkshire.
