The UK's new £1m property hotspots include this south-east London grown-up hipster favourite
With London's house prices on a go-slow, the place to go to meet a newly-minted property millionaire is Cambridge.
In the past year the university city has entered the rollcall of new £1m property markets, along with Chichester and Winchelsea, both in West Sussex.
This means that at least 20 per cent of local homes were sold for £1m or more in at least six months between September 2023 and September 2024, according to research from Knight Frank.
This is almost three times the national average sale price of average sale price of £343,822, according to Savills.
Today's research concentrates on areas where the proportion of £1.5m homes has grown.
Central London remains the UK's most expensive location – but many of its postcodes have been dominated by £1m+ sales for decades.
The capital's best performer in terms of seven-figure sales in the past year was voguish East Dulwich, where the number of £1m+ sales increased from 26 per cent to 32 per cent of the total as families pile into the area for its good amenities, and green space.
'We have seen a lot of activity, and competition for three- to four-bedroom Victorian family houses near to transport links and good schools,' said buying agent Camilla Dell, managing partner of Black Brick.
'Compared to Prime Central London it is like a different country.'
Tom Bill, head of UK residential research at Knight Frank, blames the high cost of borrowing for inhibiting price growth in the UK.
In 2022/23 11 locations became new £1m+ markets compared to just three a year later.
The locations that did manage to cross the £1m+ threshold are all close enough to London to allow for at least a hybrid commute.
Cambridge is a lively, cosmopolitan city with a great range of bars and shops and excellent schools. Trains to King's Cross take from 48 minutes.
Chichester and Winchelsea are further away, but both allow buyers to live the dream being close to the sea.
'The enduring appeal of waterfront living has significantly bolstered property values in areas like Chichester and Winchelsea,' said Hamish Humfrey, head of national waterfront at Knight Frank.
'Their relative proximity to London enhances their appeal, providing an accessible retreat from urban life without compromising convenience.
The limited availability of waterfront properties in these regions further intensifies demand, leading to notable increases in value.'
Knight Frank forecasts that UK house prices will increase by 2.5 per cent during 2025, which should create more £1m+ markets over the next year.
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