There are 19 new distinct £1m-plus property markets in the UK thanks to the soaring house prices of the past 15 months.
That’s the verdict from Knight Frank, which defines each new £1m market as having at least 20 per cent of sales above £1m in two or more quarters over the past 15 months.
Newquay in Cornwall saw the largest increase in the year to March 2021, followed by Ryde on the Isle of Wight, and then Chapeltown in Leeds, Lymington in the New Forest (+18), and St Austell in Cornwall.
In London, Hackney (E8), Ealing (W5) and Vauxhall (SW8) have become £1m-plus markets, often thanks to the ripple-out effect from traditional high value parts of central London.
Outside the capital, new £1m markets include North and West Oxford, Tunbridge Wells and Reading.
The agency says the average house price in England and Wales was 47 per cent of the London equivalent in March 2016, the lowest ratio since Land Registry records began in 1995.
It has been rising since and stood at 54 per cent in June this year due to stronger demand and price growth outside London.
Tom Bill, head of UK residential research at Knight Frank, comments: “The pandemic has left its mark on the UK property market by magnifying existing trends rather than re-writing the rulebook. Things won’t pick up from where they left off in March 2020 but the wider trajectory will feel familiar.”
Below, you can see the full list of the new £1m-plus markets.
|
Postcode |
Location |
Number of quarters with 20%+ sales above £1 million since Q2 2020 |
Average Price (six months to March 2021) |
|
|
|
N20 |
Whetstone |
4 |
£ 878,631 |
|
|
|
GU10 |
Farnham |
4 |
£ 772,924 |
|
|
|
TN7 |
Hartfield |
3 |
£ 1,082,029 |
|
|
|
KT2 |
Kingston Upon Thames |
3 |
£ 926,536 |
|
|
|
W5 |
Ealing |
3 |
£ 792,677 |
|
|
|
NW7 |
Mill Hill |
3 |
£ 765,712 |
|
|
|
KT22 |
Leatherhead |
3 |
£ 764,596 |
|
|
|
N8 |
Hornsey |
3 |
£ 756,198 |
|
|
|
W13 |
West Ealing |
3 |
£ 755,704 |
|
|
|
RH8 |
Oxted |
3 |
£ 719,737 |
|
|
|
SW8 |
Vauxhall, Nine Elms |
3 |
£ 707,152 |
|
|
|
TN3 |
Tunbridge Wells |
2 |
£ 822,332 |
|
|
|
OX2 |
North and West Oxford |
2 |
£ 813,735 |
|
|
|
N19 |
Upper Holloway |
2 |
£ 777,488 |
|
|
|
E8 |
Hackney |
2 |
£ 763,371 |
|
|
|
RH3 |
Betchworth |
2 |
£ 747,268 |
|
|
|
RG8 |
Reading |
2 |
£ 737,974 |
|
|
|
NW4 |
Hendon |
2 |
£ 706,591 |
|
|
|
GU23 |
Woking |
2 |
£ 610,815 |
|
|
https://www.estateagenttoday.co.uk/breaking-news/2021/8/is-your-agency-operating-in-one-of-the-uks-new-1m-plus-markets
