A new report on the million-pound homes market from Rightmove reveals that the number of homes for sale priced at £1m-plus has doubled (+103%) since pre-pandemic levels in 2019.
Just over 5% of Great Britain’s property for sale is now priced at £1m or more compared with just under 3% in 2019.
The analysis looked at homes for sale between January and April 2025 compared with the same period in 2019.
Compared with before the pandemic, Cornwall has seen the biggest increase in the number of one-million pound or over homes for sale. The number of million-pound properties in Cornwall has more than tripled (+246%) in six years. Uttlesford is second (+233%) and Somerset is third (+226%).
As expected, London has the largest number of million-pound homes for sale, with Westminster, Kensington & Chelsea and Wandsworth topping the list.
Mole Valley has emerged as the area which is increasingly becoming a million-pound market for buyers. Over a fifth (22%) of homes for sale in Mole Valley are priced at one-million pounds or more, an uplift of 12% in six years.
The London Borough of Richmond has become the latest area to reach an average asking price of over a million pounds for the first time. The average asking price for a home in the Borough of Richmond is now £1,006,981.
Across the thousands of local housing markets on Rightmove, back in 2019, there were 30 areas outside of London with an average asking price of one-million pounds or more. Six years later, that number has more than doubled to 66.
Rightmove’s Colleen Babcock said: “The surge in million-pound homes for sale across Great Britain is substantial. 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.”
Read the orginal article: https://propertyindustryeye.com/the-number-of-million-pound-homes-for-sale-has-doubled-since-2019/
