Million-pound home listings more than double since 2019... but are they selling for that much?

Daily Mail​

14 hours ago

The number of properties up for sale for £1million or more has more than doubled since 2019, new data from Rightmove shows.
Across Britain the number of homes being listed with a seven-figure price tag has jumped by 103 per cent in six years.
Just over 5 per cent of homes being listed are now in the £1million-plus price bracket, compared to 3 per cent in 2019.
Cornwall has seen the sharpest rise in properties listed for £1million or more in the last few years, with a 246 per cent increase.
Unsurprisingly, London has the highest number of homes in that price range, with locations such as Westminster, Kensington & Chelsea and Wandsworth all appearing at the top of the list.
The affluent London borough of Richmond has become the latest area to reach an average asking price of over £1million for the first time.
Non-London locations seeing £1million home spike
However, there has also been a marked increase in the number of homes being listed for £1million in locations outside of London.
Uttlesford in the East of England saw the second largest spike in £1m-plus properties being listed since 2019, having been pipped to the top spot by Cornwall.
In Uttlesford, which encompasses locations such as Saffron Walden and Stansted Mountfitchet, the proportions of homes being listed for £1million or more has risen by 233 per cent since 2019.
The area boasts a string of picturesque villages, while still being well-connected and reasonably close to London.
Somerset, North Yorkshire, Wealden and Wiltshire have all seen substantial increases in the number of homes being listed for £1million or more since just before the Covid-19 pandemic.
In Somerset, the number of properties being listed for £1million or more has increased by 226 per cent, while North Yorkshire has seen a 210 per cent rise since 2019, Rightmove said.
Across Wiltshire, the volume of properties listed for £1million or more has surged by 193 per cent in the past six years.
Test Valley in Hampshire, Chelmsford, Tunbridge Wells and East Hampshire have also seen a significant rise in the number of seven-figure homes being listed for sale.
In the Mole Valley, Surrey, more than a fifth, or around 22 per cent, of homes for sale are priced at £1million or more, up from 12 per cent in 2019.
Across Elmbridge, Surrey, the proportion of properties listed for £1million or more is 33 per cent, up from 22 per cent in 2019, according to Rightmove.
The number of locations outside of London where the average listing price is £1million or more has more than doubled since 2019, from 30 areas to 66, Rightmove said.
'The surge in million-pound homes for sale across Great Britain is substantial', Colleen Babcock, Rightmove's property expert, said.
She added: 'Since 2019, we've seen the number of million-pound homes for sale double, with over 5 per cent of the market now priced at a million pounds or more.'
Rightmove's analysis examined the homes for sale between January to April 2025 and the same period in 2019.
The data did not analyse how long it takes on average for homes listed for £1million to sell or the proportion which end up being reduced in price.
Are £1m-plus homes actually selling?
Listing a home for £1million or more is one thing, but that isn't necessarily the price the buyer will end up paying.
Liam Gretton, owner of Liam Gretton Bespoke Estate Agent, on Wirral Peninsula, told This is Money that he had seen a marked increase in the number of homes being listed for £1million or more in his areas of operation.
He said: 'In my area on the Wirral and the surrounding areas of Chester, Liverpool, what used to be a small corner of the market is now becoming a more frequent part of conversations with sellers as property prices have increased.
'However, it's important to highlight the pool of buyers is smaller and more competitive.'
He added that some homeowners may be being too optimistic in opting for a £1million-plus asking price.
He said: 'Many homeowners, including sometimes on the advice of their agent, are pricing above £1,000,000 based on optimism rather than one of the most important factors, buyer demand.
'While some of these homes do sell well, others are sitting longer and ultimately need price adjustments.
'It's not secret that buyers can be cautious and I've found that many homes within the premium market are unique or remarkable and buyers not just buying square footage, they're buying quality, privacy, a lifestyle and a setting.
'If a home doesn't justify its premium price, today's buyers will wait for the next home to launch.
'While we are seeing more £1,000,000 plus listings, achieving that figure still requires exceptional presentation, expert marketing, and a realistic strategy from day one.'
According to separate data from Rightmove this week, property asking prices slipped in June, as sellers faced the toughest competition in a decade to find buyers.
The 'unusual dip' in prices by 0.3 per cent to £378,420 compared with an average increase of 0.4 per cent in June over the past decade, Rightmove said.
Five £1m-plus homes up for sale now
1. Four-bed bungalow, Cornwall, £1,100,000
This contemporary four-bedroom detached bungalow located in Mawgan Porth, Cornwall, is on sale via Jackie Stanley estate agents in Padstow for £1,100,000.
It is located in an elevated position above the coast and can be found at the end of a private lane.
In recent years, the current owners have transformed the property and undertaken extensive upgrades and renovation work.
The property has been finished to a high standard throughout and comes with a handy boot room with bench storage and seating.
2. Three-bed detached house, Saffron Walden, £1,050,000
This characterful three-bedroom detached period property in Saffron Walden is up for sale via Cheffins Residential for £1,050,000.
The plot spans 1.5 acres and the original cottage has been significantly extended, making it ideal for modern living.
The property's interior blends period charm with contemporary touches and functionality.
The house come with a stable block, cart lodge and a double garage with an annexe above and adjoining studio.
3. Eight-bed detached house, Somerset, £2,350,000
This eight-bedroom detached house built in around 1860 by noted local architect W. B. Brown in Frome, Somerset, is on sale via Cooper & Tanner for £2,350,000.
Holmwood is one of the area's most significant private residences, boasting six bedrooms in the main house and a further two in the Coach House.
It occupies an elevated and secluded position and is approached via stone gateposts and a sweeping driveway. The house sits in 1.4 acres of gardens, woodland and lawns, all enjoying views across the Frome Valley.
The home, spanning over 4,000 sq. ft., has been restored by its current owners, who rescued it from a state of significant disrepair.
Light: Large windows ensure the property is brimming with light throughout
Space: The property in Somerset spans more than 4,000 sq. ft.
4. Five-bed house, North Yorkshire, £1,475,000
This five-bedroom detached property near Harrogate is on sale via Carter Jonas for £1,475,000.
The Old School has been extensively refurbished and extended in recent years and blends period features with contemporary design.
The property has a separate studio annex operating as an Airbnb business. If required, this could be transformed into a separate space for a relative or home office.
Room to cook: The main house spans more than 4,000 sq. ft.
Facilities: The Old School has multiple bathrooms finished to a high standard
5. Nine-bed detached house, Hailsham, £1,750,000
This outstanding nine-bedroom property is on sale via Taylor Engley for £1,750,000. You get a lot of house for your money.
The property spans three floors and is ideal for both family living and more formal events and occasions.
The current owners have undertaken extensive renovation and restoration works on the property.
Internally, the home's interior has been designed by interior designer Maranda Louise. All the rooms have been finished to a high standard. The property's home office and library room is a standout feature.
The gardens are a highlight of Hailsham Grange and have previously been open to the public.
Make an entrance: The entrance hallway has a sweeping staircase luxurious interior
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