
One in 20 properties now worth £1m or more
One in 20 homes on the market is now priced at seven figures or more, 103pc more than six years ago, Rightmove found.
Cornwall saw the largest increase with a 246pc rise, while 22pc of homes for sale in Surrey's Mole Valley now cost £1m or more.
London retained the largest concentration of high priced homes for sale, with Westminster and Kensington and Chelsea topping the list ahead of Wandsworth.
The data, released by Rightmove, showed there were twice as many homes listed at £1m or more between January and April 2025 compared to the same period in 2019.
Property prices have increased in recent years, particularly in seaside locations, after city homeowners sought extra space amid the rise in opportunities to work from home.The stamp duty holiday and low interest rates also pushed up prices.
Colleen Babcock, of Rightmove, said the surge was 'substantial'.
She said: 'Since 2019, we've seen the number of million-pound homes for sale double, with over 5pc of the market now priced at a million pounds or more.
'This isn't just happening in London. Places like Cornwall, Uttlesford, and Somerset are also seeing big jumps in the number of high-value properties.
'Mole Valley is a standout, with 22pc of its homes for sale now in the million-pound bracket.'
Areas with 10 or more homes for sale were included in Rightmove's research. Cornwall had the largest increase in seven-figure listings, followed by Uttlesford with 233pc and Somerset on 226pc.
After Mole Valley, Waverley and Windsor and Maidenhead saw the biggest increases in proportion of houses priced at that level. All three areas had at least a 10pc rise.
Eight of the top 10 areas with the highest concentration of million-pound plus houses were in London, with Buckinghamshire and Elmbridge also making the list.
Toby Leek, president of the National Association of Estate Agents Propertymark, said: 'The popularity and desire for our London capital remains strong, and with that comes increasing house prices, particularly in certain 'high-value' pockets such as Kensington and Chelsea.
'However, with huge social and economic changes happening, especially over the past decade, trends have shifted. Homeowners are looking for varying characteristics and locations, making rural, seaside and picturesque outer London areas much more appealing.'
The figures come after second home owners were hit with huge bills after more than 200 local authorities brought in a 100pc council tax premium from April 1, enabled by rules introduced under the Conservatives.
Telegraph analysis found that 2,000 second home owners in popular holiday hotspots could face bills of £10,000 or more across both their residences.
The average second home owner will now see their tax bill rise 77pc to £3,672 in 2025-26.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Reuters
an hour ago
- Reuters
RRA Capital Closes Record $224.3 Million Fundraise
PHOENIX, AZ, July 30, 2025 (EZ Newswire) -- RRA Capital, opens new tab, a Pheonix-based private real estate debt investment manager, today announced the final close of RRA Real Estate Debt Fund III at $224.3 million — the largest fundraise in the firm's history. With the close complete, Fund III is approaching the midpoint of its five-year term, with approximately one year of investment activity remaining before entering the two-year harvesting phase. The fund continues RRA's strategy of originating short-term bridge loans for value-add and transitional commercial real estate assets across the U.S. 'This is an exciting milestone for our team and our investors,' said Marc Grayson, opens new tab, co-founder and president of RRA Capital. 'The success of Fund III reflects growing demand for flexible capital solutions in today's market and reinforces our position as a leading participant for middle-market bridge financing.' Fund III attracted commitments from a diverse group of institutional investors — including pension funds, insurance companies, and university endowments — and is expected to deploy over $800 million of capital over the course of its five-year term. 'The closing of Fund III demonstrates optimism that values have bottomed out,' said Boots Dunlap, opens new tab, CEO and co-founder of RRA Capital. 'It is expected to provide liquidity options for borrowers unable to qualify for DSCR-based refinances in today's higher-rate environment, as well as flexible acquisition financing for buyers targeting distressed sellers.' RRA Capital has originated over $2 billion in commercial real estate loans, opens new tab since inception, with a focus on multifamily, industrial, retail, hospitality, healthcare, and select office assets. The firm is headquartered in Phoenix and lends nationwide. About RRA Capital RRA Capital is a leading commercial real estate debt fund manager specializing in structured bridge financing for transitional properties nationwide. Since its founding in 2008, RRA has originated over $2 billion in loans, providing flexible capital solutions to value-add and opportunistic real estate investors. The firm focuses on complex, time-sensitive transactions and offers customized structures that support property repositioning, lease-up strategies, and recapitalizations. With a disciplined investment approach and a proven track record through market cycles, RRA is a trusted partner to borrowers and institutional investors seeking performance, transparency, and alignment. Learn more at opens new tab. Legal Disclaimer This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Offers are made only to verified accredited investors pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933 and are subject to final offering documentation. Media Contact Hallie Whitehwhite@ ### SOURCE: RRA Capital Copyright 2025 EZ Newswire See release on EZ Newswire


The Independent
2 hours ago
- The Independent
June ‘strongest month of 2025 so far for current account switches'
June was the strongest month this year so far for current account customers moving to a new provider, according to a switching service. Some 88,146 switches were processed through the Current Account Switch Service (Cass) in June, with 996,344 switches facilitated over the past 12 months. The service recorded 216,519 switches completed between April and June 2025. This follows 222,805 switches in the first quarter of 2025. The latest figures also indicate that Nationwide Building Society was the biggest 'winner' from customers using the service between January and March 2025. Figures provided voluntarily by banks and building societies showed that Nationwide made the highest switching gains among customers using Cass to move their account in the first quarter of this year. Nationwide was followed by Monzo and HSBC UK. Customers using Cass to switch their current account automatically have payments moved over to the new account and get the benefits of a guarantee that they will not be left out of pocket if anything goes wrong with the switch. Some current account switches take place outside of Cass and the figures provided do not include those switches. Andrew Hagger, a personal finance expert from said Nationwide had 'outperformed its peers by a country mile', adding: 'It had a £175 switching incentive in place for the whole of the three months in question, which no doubt helped boost recruitment, however the £100 annual fairer share payment is no doubt also having a positive impact on customer retention.' Nationwide also has a 'branch promise' and 5.7 million customers visited its branches last year – a 4% annual increase. Since the switching service launched in 2013, it has facilitated more than 11.9 million switches and redirected in excess of 166.8 million payments. Cass said customer research indicates that access to online or mobile app-based banking is the most frequently cited reason for preferring a new account, followed by interest earned, customer service, spending benefits and account fees or charges. John Dentry, product owner at owner and operator of Cass, said: 'The fact that the top three spots are occupied by a legacy bank, long-standing building society and a neobank shows the depth and diversity of the UK banking system. 'With nearly a million switches in the past 12 months, the Current Account Switch Service continues to play a key role in facilitating a healthy and competitive banking market. I look forward to seeing how the landscape evolves across the latter half of this year.' Here are the net current account switching gains or losses made by banks and building societies between January 1 and March 31 2025 by customers using Cass. The figures do not include switches made outside Cass. AIB Group UK (includes Allied Irish Bank brand switches), minus 414 Bank of Ireland, minus 311 Bank of Scotland, minus 1,850 Barclays, minus 22,334 Co-operative (includes the Smile brand switches), 1,022 Citibank UK, minus two Danske, minus 187 Halifax, minus 15,707 HSBC (includes First Direct brand switches), 5,621 JP Morgan Chase, minus 4,059 Lloyds Bank, minus 4,710 Monzo, 8,850 Nationwide Building Society, 55,578 NatWest, minus 13,086 RBS (includes Coutts and Isle of Man brand switches), minus 3,627 Santander, 1,546 Starling Bank, minus 1,284 Triodos Bank, 33 TSB, 1,277 Ulster Bank, minus 487 Virgin Money, minus 3,353


Reuters
2 hours ago
- Reuters
Adidas may hike prices, warns of US consumer hit from tariffs
LONDON, July 30(Reuters) - Sportswear brand Adidas ( opens new tab warned on Wednesday that it may have to hike prices in the United States, after reporting U.S. tariffs would add around 200 million euros ($231 million) to costs in the second half. Shares in Adidas dropped 11% in their worst day since U.S. President Donald Trump unveiled higher tariffs in April, bringing the stock's losses since the start of this year to 26%. Adidas said uncertainty over trade was holding it back from increasing its annual guidance, and it had not yet decided on possible U.S. price increases to mitigate the impact. On a call with analysts, CEO Bjorn Gulden emphasised that the final tariff levels were still not known, but said he was concerned about the knock-on impact of higher prices on U.S. consumer demand. "What I'm mostly worried about, to be honest, is not only the cost but it's what is going to be the consumer reaction in the market with all these price increases that I think will come not only in our sector, but in general in the U.S.," said Gulden. "Should we get mega inflation in the U.S., things will happen on the demand side, then of course volumes will go down." Adidas will review its pricing and decide which products it could hike prices on in the U.S. once tariffs are finalised, Gulden said, declining to say how much prices might increase. "We will try to keep the prices on known models (stable) as long as we can, and then do new pricing on product that hasn't existed before," he said. Adidas sales increased 2.2% in euro terms to 5.95 billion euros ($6.9 billion) in the second quarter, lower than analysts' average estimate of 6.2 billion euros, according to data compiled by LSEG. The shortfall will likely fuel concerns that, after a run of very strong sales growth fuelled by its trendy three-striped multicoloured Samba and Gazelle shoes, Adidas is losing momentum. "For investors to view this as a temporary setback, the company will need to deliver a reassuring message regarding the outlook for H2 and the early 2026 order book," UBS analyst Robert Krankowski said in a note to clients. The U.S. earlier this month announced a 20% levy on many Vietnamese exports and a 19% tariff on goods from Indonesia - Adidas' two biggest sourcing countries which produce 30% and 23% respectively of Adidas products sold in the U.S. Footwear imports into the U.S. already faced tariffs before Trump, and the new duties mean tariffs on footwear from Vietnam have gone up to 46%, from 26%, and from Indonesia to 43% from 24%, Gulden said. Like many other sportswear companies, including Puma , Adidas has been frontloading product shipments into the U.S. ahead of tariffs, driving its inventories up 16% to 5.26 billion euros at the end of June. Despite the impact of tariffs, Gulden said the U.S., which accounts for around a fifth of Adidas sales, is still a key market. "We want to grow and we are also willing to over-invest in the U.S. to double the business," he said on the call. Higher tariffs already had a "double-digit" million euro impact on Adidas' second quarter, and a weaker dollar and weaker Chinese yuan took 300 million euros off quarterly sales. Quarterly operating profit, however, reached 546 million euros, ahead of analysts' expectations for 520 million. Adidas said "lifestyle" revenues - from sneakers and casual clothing - grew 13%, helped by cow print, leopard print and metallic versions of its SL72 and Samba sneakers. A merchandise collaboration with rock group Oasis for its reunion tour has also boosted sales, Gulden said. ($1 = 0.8651 euros)