19 New Million-Pound Property Locations Revealed by Knight Frank
As the UK continues its slow but steady crawl back to normality, new names are emerging as investment property hotspots; a full 19 new locations across England and Wales have officially joined the ‘million-pound property locations’ of Knight Frank.
In order to qualify for this prestigious list, a location must have achieved at least 20% of all property sales beyond the £1 million threshold from March 2020.
The COVID-19 crisis had a profound effect on the UK’s real estate’s sector, massively boosting property prices in some areas while decimating the market elsewhere. Among those that have performed particularly strongly over the past year, the following have been recognised as million-pound property locations for the first time:
|Postcode||Location||Number of Qtrs|
with over 20% £1m sale
(Sept ’20 to March ’21)
|KT2||Kingston Upon Thames||3||£926,536|
|SW8||Vauxhall, Nine Elms||3||£707,152|
|OX2||North and West Oxford||2||£813,735|
The impressive figures from Knight Frank paint a picture of a property market that has seen a significant shift over the course of the past 18 months. Specifically, demand has been driven by movers and buyers setting their sights on greener corners of the country with more space to enjoy time spent at home.
Lockdown restrictions have forced the vast majority of households to reconsider their priorities, while highlighting the necessity and value of private outdoor living spaces. As larger homes with private gardens have traditionally been prohibitively expensive in busy urban centres, those seeking sanctuary have been doing so away from the usual city-centre hotspots.
As a result, there has been a major surge in the popularity of certain types of properties in specific areas of the country; larger detached houses with private gardens, either in the countryside or by the coast have become the properties of the moment for those able to afford them.
All of which has triggered explosive property price growth in some of the quieter corners of the country, including the following standout examples highlighted by Knight Frank:
- Newquay, Cornwall (+22%)
- Ryde, Isle of Wight (+19%)
- Chapeltown, Leeds (+19%)
- Lymington, the New Forest (+18%)
- St Austell, Cornwall (+17%)
There are those who remain adamant that the new norm of working from home will indeed prove to be a temporary trend, ultimately paving the way for a return to town and city living.