Here are the hotspots for million-pound homes outside London

The number of properties in Great Britain priced at over £1 million has more than doubled since 2019, according to the latest data from online property platform Rightmove.

More than 5% of properties are now priced at £1 million or more, compared to under 3% before the Covid-19 pandemic.

London naturally has the biggest volume and proportion of million-pound homes, but this phenomenon reaches across the country, with several million-pound housing markets emerging everywhere from Cornwall to Somerset.

Rightmove notes that one of the most significant trends has been the emergence of entirely new million-pound markets outside the capital.

These trends show that the luxury housing market in the UK is expanding to new hotspots, enabled by remote working and historically low interest rates since 2019 which made million-pound homes more accessible.

It notes that in 2019, only 30 areas outside London had average asking prices of £1 million or more. Today, that figure has more than doubled to 66 locations, with the seven-figure price point becoming increasingly widespread across the country.

Surge in million-pound homes outside of London

For example, Mole Valley in Surrey had only 10% of its homes for sale priced at £1 million or above in 2019, but now 22% of its homes are priced at more than £1 million.

Rightmove said this area’s appeal lies in its countryside charm, excellent transport links to London, and outstanding schools.

In Cornwall, the number of million-pound homes for sale has increased by more than 246% since 2019, which Rightmove attributes to the appeal of the county’s coastline, countryside, and lifestyle.

“The surge in million-pound homes for sale across Great Britain is substantial,” said Rightmove property expert Colleen Babcock.

“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.”

Uttlesford in Essex has seen a 233% increase in million-pound properties, and Somerset has experienced a 226% rise since 2019.

Below are the UK’s million-pound property hotspots by proportion of properties for sale and overall increase in volume of million-pound properties.

Biggest increases in million-pound properties

Biggest increases in proportion of million-pound properties for sale

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