Sky-high home listings surged past the two million mark since 2019, yet question remains: Do buyers fork over such astronomical amounts?
It seems like the Brits are not shying away from splurging on high-end real estate, as the number of properties up for grabs for £1 million or more has more than doubled since 2019! Across the nation, homes adorned with the seven-figure price tag have seen a 103% increase in six years, with over 5% of the total listings now priced at this exorbitant figure [1]!
London, as always, leads the pack in having the highest number of homes in this stratospheric price range, with coveted neighborhoods like Westminster, Kensington & Chelsea, and Wandsworth topping the charts. However, it's not just London that's seeing an upward swing; numerous locations outside the capital are also experiencing a spike in seven-figure homes.
Cornwall takes the crown for the sharpest rise in properties listed for £1 million or more, with a staggering 146% increase in the past few years. Other areas following suit include Uttlesford in the East of England, Somerset, North Yorkshire, Wealden, and Wiltshire, which have all witnessed substantial increases since before the Covid-19 pandemic [1].
This trend isn't limited to these areas though –Test Valley in Hampshire, Chelmsford, Tunbridge Wells, and East Hampshire have also seen a significant rise in the number of seven-figure homes hitting the market. In the Mole Valley, Surrey, over 22% of homes for sale are currently priced at £1 million or more – a leap from 12% in 2019 [1].
If the soaring demand for these ultra-luxurious homes isn't enough to get your heart racing, perhaps these million-pound listings in non-London locations will:
- Four-bed bungalow, Cornwall, £1,100,000
Overlooking the picturesque coastline of Mawgan Porth, this contemporary detached bungalow promises coastal views and a dreamy lifestyle. With recent renovations and upgrades, this stylish abode boasts a boot room for your winter essentials [1].
- Three-bed detached house, Saffron Walden, £1,050,000
Step back in time with this characterful three-bedroom detached period property, nestled on a 1.5-acre plot in picturesque Saffron Walden. This charming home has been tastefully extended to cater to modern living, complete with a stable block, cart lodge, and a double garage with an annexe above and an adjoining studio [1].
- Eight-bed detached house, Somerset, £2,350,000
Built around 1860 by renowned local architect W.B. Brown, this impressive eight-bedroom detached house promises opulence with its spatial elegance. Sprawling over 4,000 square feet, Holmwood boasts stunning views across the Frome Valley, with the current owners having lovingly restored it from a state of disrepair [1].
- Five-bed house, North Yorkshire, £1,475,000
The Old School, located near the pretty town of Harrogate, has been meticulously refurbished and extended to seamlessly blend period charm with contemporary design. Complete with a residence for Airbnb guests, this gorgeous property is perfect for both luxurious family living and entertaining [1].
- Nine-bed detached house, Hailsham, £1,750,000
Escape to the countryside with this stunning nine-bedroom property in Hailsham, boasting three floors and ample space for the whole family. The current owners have undertaken extensive renovation and restoration works, and the home's interior has been stylishly designed to impress [1].
With million-pound homes for sale no longer confined to the capital, it's an exciting time for aspiring homebuyers seeking luxury properties. However, it's essential to keep in mind that listing a home for £1 million or more doesn't always guarantee a sale, as it can be challenging to find buyers willing to shell out such lofty sums [2].
Sources:
[1] https://www.thisismoney.co.uk/money/mortgageshome/article-11538475/The-million-pound-home-PHOTOS-five-properties-new-market.html
[2] https://www.bbc.co.uk/news/uk-wales-49058245
[3] https://www.cbre.com/research-and-reports/global-wealth-report-2018
[4] https://www.propertywire.com/realestate/global-top-10-prime-markets-for-real-estate-equity-investment-2021
[5] https://www.gov.uk/guidance/property-taxes-for-overseas-property-owners-and-individuals-living-abroad#2._non-doms
- The surge in luxury homes outside London has opened up new investment opportunities in the housing-market, as property listings in regions like Cornwall, Saffron Walden, Somerset, and North Yorkshire have seen significant increases in mortgages for homes priced at £1 million or more.
- Financing million-pound properties can be a daunting task for aspiring homebuyers; however, with an increase in listings outside London, affluent buyers may find more accessible options that cater to their housing preferences.
- The rise in seven-figure homes across various regions reflects the growing interest in real-estate investment, as homebuyers seek to take advantage of the increasing values in the housing-market.
