High-value listings expand beyond London
The share of homes priced at £1 million or more in Great Britain has more than doubled since before the COVID-19 pandemic, according to new figures from property platform Rightmove.
The report, based on listings from January to April 2025, reveals that over 5% of homes currently on the market fall into the million-pound category — up from just under 3% during the same period in 2019.
Cornwall has recorded the sharpest increase in this segment, with the number of properties listed at £1 million or more rising by 246% in six years. Other regional areas have also seen strong growth, with Uttlesford up 233% and Somerset up 226% compared to pre-pandemic levels.
London continues to lead in volume, with boroughs such as Westminster, Kensington and Chelsea, and Wandsworth maintaining the highest numbers of million-pound homes. However, areas beyond the capital are increasingly entering the high-end market.
In Mole Valley, 22% of homes currently for sale are listed at £1 million or above, marking a 12-percentage point increase since 2019. Richmond upon Thames has now reached an average asking price above the million-pound threshold for the first time, standing at £1,006,981.
“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,” Toby Leek (pictured right), a London-based estate agent and president of Propertymark.
“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.”
Indeed, the trend of rising high-value properties is not confined to London. In 2019, only 30 markets outside the capital had an average asking price at or above £1 million. That figure has now risen to 66.
“The surge in million-pound homes for sale across Great Britain is substantial,” said Rightmove property expert Colleen Babcock (pictured left). “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. 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.”
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