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Is your agency operating in one of the UK’s new £1…

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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.”

Gazeal

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