- The number of homes for sale priced at £1 million or more has doubled (+103%) across Great Britain since 2019, with just over 5% of all properties now commanding seven-figure price tags
- Cornwall leads the charge outside London with a 246% increase in million-pound properties, followed by Uttlesford (+233%) and Somerset (+226%)
- It’s not all about the capital – areas like Mole Valley now have 22% of homes priced over £1 million, while 66 locations outside London boast average asking prices above the million-pound mark, up from just 30 in 2019
The million-pound property market has doubled since before the pandemic, with our latest data showing the areas that have seen the biggest rises. This means that just over 5% of all properties currently on the market now carry seven-figure asking prices, compared to under 3% six years ago.
The rise of new million-pound markets
One of the most significant trends has been the emergence of entirely new million-pound markets outside the capital. Back in 2019, 30 areas outside London had average asking prices of £1 million or more. Today, that figure has more than doubled to 66 locations, showing how the seven-figure price point has become increasingly widespread across the country.
Mole Valley in Surrey is a striking example of this trend. The area now has 22% of its homes for sale priced at £1 million or more – a significant jump from 10% in 2019.
The increase represents one of the biggest shifts in market composition anywhere in the country. Mole Valley’s appeal lies in its combination of countryside charm, excellent transport links to London, outstanding schools, with properties ranging from period cottages to modern family homes.
“Mole Valley is a standout, with 22% of its homes for sale now in the million-pound bracket,” says Colleen. “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.”
What’s driving the increase?
Several factors have contributed to the dramatic expansion of the million-pound market.
The pandemic fundamentally changed how people think about their homes, with many prioritising space, gardens, and locations that offer a better quality of life. Remote and hybrid working arrangements have also freed buyers from the need to live within commuting distance of city centres, opening up new possibilities in previously overlooked areas.
In addition, historically low interest rates for much of the period since 2019 made expensive properties more accessible to buyers, while supply constraints in many desirable areas have pushed prices upward. The desire for properties with character, heritage and unique features has also driven demand for premium homes in locations with rich histories and natural beauty.
Cornwall’s coastal charm commands premium prices
In Cornwall, the number of million-pound homes for sale has more than tripled since 2019 (+246% increase). The county’s stunning coastline, picturesque villages and appeal as a lifestyle destination have clearly struck a chord with buyers seeking a life by the coast.
Our property expert, Colleen Babcock, says: “The surge in million-pound homes for sale across Great Britain is substantial. 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.”
Indeed, following Cornwall’s lead, Uttlesford in Essex has seen a 233% increase in million-pound properties, while Somerset rounds out the top three with a 226% rise. These areas demonstrate how the luxury property market has spread far beyond traditional hotspots, driven by factors including lifestyle changes, remote working flexibility, and buyers seeking more space and natural beauty.
Biggest increase in proportion of million-pound properties for sale
| Area | Region | Proportion of homes for sale that are a million pounds in 2025 | Proportion of homes for sale that were a million pounds in 2019 | Uplift in proportion of million-pound homes 2025 vs 2019 |
|---|---|---|---|---|
| Mole Valley | South East | 22% | 10% | +12% |
| Waverley | South East | 22% | 11% | +11% |
| Windsor and Maidenhead | South East | 23% | 13% | +10% |
| St Albans | East of England | 18% | 9% | +9% |
| Richmond upon Thames | London | 33% | 24% | +9% |
| Tunbridge Wells | South East | 15% | 7% | +8% |
| Elmbridge | South East | 33% | 25% | +8% |
| Cotswold | South West | 14% | 6% | +8% |
| Three Rivers | East of England | 21% | 13% | +8% |
| Buckinghamshire | South East | 16% | 8% | +8% |
Biggest increase in volume of million–pound properties for sale
| Area | Region | % increase in million-pound homes for sale |
|---|---|---|
| Cornwall | South West | +246% |
| Uttlesford | East of England | +233% |
| Somerset | South West | +226% |
| North Yorkshire | Yorkshire and The Humber | +210% |
| Wealden | South East | +201% |
| Wiltshire | South West | +193% |
| Test Valley | South East | +188% |
| Chelmsford | South East | +188% |
| Tunbridge Wells | South East | +183% |
| East Hampshire | South East | +177% |
Despite the growth in other regions, London continues to dominate when it comes to the sheer volume of million-pound properties. Westminster tops the list for the highest number of seven-figure homes, followed by Kensington & Chelsea and Wandsworth.
The capital’s enduring appeal lies in its combination of world-class amenities, cultural attractions, business opportunities and architectural heritage. From grand Georgian terraces to modern penthouses with Thames views, London’s diverse property portfolio continues to attract both domestic and international buyers willing to pay premium prices.
However, even within London, the market is evolving. The Borough of Richmond has recently crossed the million-pound threshold for the first time, with average asking prices now reaching £1,006,981. This milestone reflects how the luxury market continues to expand into areas that were previously considered more affordable alternatives to central London.
The header image for this article is provided courtesy of Foxtons, Covering Berkshire.
