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Over a fifth of homes for sale in Mole Valley, Surrey are now in the million-pound bracket - Alexey Fedoren/iStockphoto The number of £1m-plus homes for sale has doubled as Britain’s race for space intensifies, a property website has found. 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. Story Continues 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.
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One in 20 properties now worth £1m or more
June 19, 2025 02:37 AM PDT | By EODHD
