Latest news with #millionpoundhomes
Yahoo
2 hours ago
- Business
- Yahoo
Million-pound property hotspots revealed as one in 20 homes ‘priced in bracket'
Around one in every 20 homes for sale in Britain is now priced at £1 million-plus, according to a property website. Rightmove said the number of homes for sale at a seven-figure price point has doubled in the past six years. It recorded a 103% increase in homes at this price point between January and April 2025, compared with the same period in 2019. Just over 5% of homes for sale across Britain are now priced at a million pounds or more, compared with just under 3% in 2019, Rightmove said. In London commuter belt locations such as St Albans, Windsor and Maidenhead, Three Rivers, and Waverley, around one in every five homes for sale now have a million-pound price tag. Cornwall has seen the biggest surge in the number of £1 million-plus properties on the market for sale compared with before the coronavirus pandemic, according to the website. Many seaside locations saw a 'race for space' among home buyers during the pandemic. But London still has the biggest concentration of million-pound homes for sale, with Westminster, Kensington and Chelsea and Wandsworth topping the list. Colleen Babcock, a property expert at Rightmove, said: 'The surge in million-pound homes for sale across Great Britain is substantial. 'Since 2019, we've seen the number of million-pound homes for sale double, with over 5% 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 22% of its homes for sale now in the million-pound bracket.' Local areas included in Rightmove's research were those with at least 10 or more homes for sale during the time periods analysed. Here are the areas with the biggest increase in the volume of million-pound properties for sale, according to Rightmove, comparing January to April 2025 with the same period in 2019: 1. Cornwall, South West, 246% 2. Uttlesford, East of England, 233% 3. Somerset, South West, 226% 4. North Yorkshire, Yorkshire and the Humber, 210% 5. Wealden, South East, 201% 6. Wiltshire, South West, 193% =7. Test Valley, South East, 188% =7. Chelmsford, South East, 188% 9. Tunbridge Wells, South East, 183% 10. East Hampshire, South East, 177% Here are the areas with the biggest increases in the proportion of million-pound properties for sale, according to Rightmove, with the proportion for sale at this level in the 2025 period compared with 2019: 1. Mole Valley, South East, 22%, 10% 2. Waverley, South East, 22%, 11% 3. Windsor and Maidenhead, South East, 23%, 13% =4. St Albans, East of England, 18%, 9% =4. Richmond upon Thames, London, 33%, 24% =6. Tunbridge Wells, South East, 15%, 7% =6. Elmbridge, South East, 33%, 25% =6. Cotswold, South West, 14%, 6% =6. Three Rivers, East of England, 21%, 13% =6. Buckinghamshire, South East, 16%, 8% And here are the areas with the biggest concentrations of million-pound homes, according to Rightmove: 1. Westminster, London 2. Kensington and Chelsea, London 3. Wandsworth, London 4. Buckinghamshire, South East 5. Camden, London 6. Hammersmith and Fulham, London 7. Barnet, London 8. Richmond upon Thames, London 9. Elmbridge, South East 10. Lambeth, London
Yahoo
2 hours ago
- Business
- Yahoo
Number of million-pound homes for sale in Britain doubles since 2019
The number of homes for sale in Great Britain that are priced at a £1m or more has doubled over the past six years, according to an analysis by property platform Rightmove (RMV.L). Just over 5% of properties for sale in Britain have now crossed that price point, compared to just under 3% before the pandemic in 2019. Rightmove's analysis compared the prices of homes for sale between January and April 2025 with the same period six years ago. Cornwall has seen the biggest increase in the number of homes for sale at £1m or more since 2019, with the amount having tripled (+246%) over the past six years. Uttlesford in Essex saw the second biggest increase (+233%) and Somerset came in third place (+226%). As expected, London had most £1m homes for sale, with the boroughs of Westminister, Kensington & Chelsea and Wandsworth topping this list. Meanwhile, Mole Valley in Surrey was the area which is increasingly becoming a million-pound market for buyers. More than a fifth (22%) of homes for sale in Mole Valley were priced at £1m or more, up 12% over the past six years. Read more: UK house price growth halves after stamp duty break end The London borough of Richmond has become the latest area where the average asking price has topped £1m for the first time, with the typical home now on the market for £1,006,981. Across the thousands of local housing markets on its platform, Rightmove (RMV.L) said that there are now 66 areas outside of London with an average asking price of £1m or more back in 2019, more than doubling from 30 areas in 2019. 'The surge in million-pound homes for sale across Great Britain is substantial," said Colleen Babcock, property expert at Rightmove. "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." Toby Leek, president of NAEA (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, meaning homeowners are looking for varying characteristics and locations, making rural, seaside and picturesque outer London areas much more appealing." Data released by the Office for National Statistics (ONS) on Wednesday showed that the annual rate of UK house price growth halved in April as the stamp duty ended. Prices rose by 3.5% to £265,000 in the 12 months to April, down from 7% in the year to March. Read more: Bank of England expected to hold interest rates as inflation comes in above target Are UK investment assets becoming more attractive? Have your say Eurozone inflation falls below ECB target to 1.9%Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
9 hours ago
- Business
- The Independent
Million-pound property hotspots revealed as one in 20 homes ‘priced in bracket'
Around one in every 20 homes for sale in Britain is now priced at £1 million-plus, according to a property website. Rightmove said the number of homes for sale at a seven-figure price point has doubled in the past six years. It recorded a 103% increase in homes at this price point between January and April 2025, compared with the same period in 2019. Just over 5% of homes for sale across Britain are now priced at a million pounds or more, compared with just under 3% in 2019, Rightmove said. In London commuter belt locations such as St Albans, Windsor and Maidenhead, Three Rivers, and Waverley, around one in every five homes for sale now have a million-pound price tag. Cornwall has seen the biggest surge in the number of £1 million-plus properties on the market for sale compared with before the coronavirus pandemic, according to the website. Many seaside locations saw a 'race for space' among home buyers during the pandemic. But London still has the biggest concentration of million-pound homes for sale, with Westminster, Kensington and Chelsea and Wandsworth topping the list. Colleen Babcock, a property expert at Rightmove, said: 'The surge in million-pound homes for sale across Great Britain is substantial. 'Since 2019, we've seen the number of million-pound homes for sale double, with over 5% 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 22% of its homes for sale now in the million-pound bracket.' Local areas included in Rightmove's research were those with at least 10 or more homes for sale during the time periods analysed. Here are the areas with the biggest increase in the volume of million-pound properties for sale, according to Rightmove, comparing January to April 2025 with the same period in 2019: 1. Cornwall, South West, 246% 2. Uttlesford, East of England, 233% 3. Somerset, South West, 226% 4. North Yorkshire, Yorkshire and the Humber, 210% 5. Wealden, South East, 201% 6. Wiltshire, South West, 193% =7. Test Valley, South East, 188% =7. Chelmsford, South East, 188% 9. Tunbridge Wells, South East, 183% 10. East Hampshire, South East, 177% Here are the areas with the biggest increases in the proportion of million-pound properties for sale, according to Rightmove, with the proportion for sale at this level in the 2025 period compared with 2019: 1. Mole Valley, South East, 22%, 10% 2. Waverley, South East, 22%, 11% 3. Windsor and Maidenhead, South East, 23%, 13% =4. St Albans, East of England, 18%, 9% =4. Richmond upon Thames, London, 33%, 24% =6. Tunbridge Wells, South East, 15%, 7% =6. Elmbridge, South East, 33%, 25% =6. Cotswold, South West, 14%, 6% =6. Three Rivers, East of England, 21%, 13% =6. Buckinghamshire, South East, 16%, 8% And here are the areas with the biggest concentrations of million-pound homes, according to Rightmove: 1. Westminster, London 2. Kensington and Chelsea, London 3. Wandsworth, London 4. Buckinghamshire, South East 5. Camden, London 6. Hammersmith and Fulham, London 7. Barnet, London 8. Richmond upon Thames, London 9. Elmbridge, South East 10. Lambeth, London
The National
9 hours ago
- Business
- The National
UK's market for million-pound homes doubles
The number of homes for sale across Britain with an asking price of £1 million or more has doubled in the past six years. Many seaside locations became a 'race for space' among homebuyers during the coronavirus pandemic, but London still has the largest number of homes in that price bracket of any region, with Westminster, Kensington & Chelsea and Wandsworth topping the list collated by property site Rightmove. It recorded a 103 per cent increase in homes at this price point. In commuter belt locations such as St Albans, Windsor and Maidenhead, Three Rivers and Waverley, about one in every five homes for sale now has a £1 million price tag. The London Borough of Richmond became the latest area to reach the threshold for the first time, with average asking prices between January and April this year standing at £1,006,981. Cornwall posted the biggest increase in that period, rising 246 per cent. The number of areas outside London with a £1 million average rose from 30 to 66 after the pandemic, with just over five per cent now asking for seven figures compared with three per cent in 2019. Mole Valley in Surrey emerged as the area which is increasingly becoming a million-pound market. More than a fifth (22 per cent) of homes for sale in towns such as Dorking and Leatherhead were priced at more than £1 million, an increase of 12 per cent in six years. Colleen Babcock, a Rightmove property expert, described the surge in prices as 'substantial'. 'Since 2019, we've seen the number of million-pound homes for sale double. 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. 'The number of areas outside of London where the average price is a million pounds or more has also more than doubled, showing that the million-pound mark is becoming more common in various locations.' Local areas included in Rightmove's research were those with at least 10 or more homes for sale during the time periods analysed. Meanwhile, the annual rate of house price growth halved as a stamp duty holiday ended, according to Office for National Statistics (ONS) figures. The average UK house price increased by 3.5 per cent in the 12 months to April, halving from 7.0 per cent annual growth recorded in March this year. Stamp duty discounts became less generous for some home buyers from April. Stamp duty applies in England and Northern Ireland. Average house prices increased to £286,000 (3.0 per cent annual growth) in England, £210,000 (5.3 per cent) in Wales, and £191,000 (5.8 per cent) in Scotland in the 12 months to April 2025. The average house price for Northern Ireland was £185,000 in the first quarter of 2025 – a 9.5 per cent increase annually. Tom Bill, head of UK residential research at Knight Frank, said: 'The UK housing market is still in recovery mode after the stamp duty cliff edge in April but prices are being kept firmly in check by an overhang of supply. 'We don't expect a rate cut before August but the weak state of the UK economy is putting downwards pressure on mortgage rates, which should support demand in the short-term.' Kevin Roberts, managing director, mortgage services, at L & G, highlighted a recent wave of innovative mortgage products. 'Our broker data shows that first-time buyers are particularly active, accounting for nearly 60 per cent of purchases since the start of the year.'
Daily Mail
10 hours ago
- Business
- Daily Mail
Million-pound home listings more than double since 2019... but are they selling for that much?
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 How to find a new mortgage Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible. Buy-to-let landlords should also act as soon as they can. > Mortgage rates calculator > Find the right mortgage for you What if I need to remortgage? Borrowers should compare rates, speak to a mortgage broker and be prepared to act. Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it. Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees. Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone. What if I am buying a home? Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power. What about buy-to-let landlords Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages. This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too. How to compare mortgage costs The best way to compare mortgage costs and find the right deal for you is to speak to a broker. This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice. Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs. If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. > Find your best mortgage deal with This is Money and L&C Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
