19 New Million-Pound Property Locations Revealed by Knight Frank

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 by March 2020.

The COVID-19 crisis had a profound effect on the UK’s real estate 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

Quarters
with over 20% £1m sale

Average Price
(Sept ’20 to March ’21)

N20

Whetstone

4

£878,631

GU10

Farnham

4

£772,924

TN7

Hartfield

3

£1,082,029

KT2

Kingston upon Thames

3

£926,536

W5

Ealing

3

£792,677

NW7

Mill Hill

3

£765,712

KT22

Leatherhead

3

£764,596

N8

Hornsey

3

£756,198

W13

West Ealing

3

£755,704

RH8

Oxted

3

£719,737

SW8

Vauxhall, Nine Elms

3

£707,152

TN3

Tunbridge Wells

2

£822,332

OX2

North and West Oxford

2

£813,735

N19

Upper Holloway

2

£777,488

E8

Hackney

2

£763,371

RH3

Betchworth

2

£747,268

RG8

Reading

2

£737,974

NW4

Hendon

2

£706,591

GU23

Woking

2

£610,815

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.