Akni, Hendon, Xiangxue with Vauxhall New data shows that since March 2020, 19 districts have joined the gilded ranks of the £1 million real estate club.
ten London Eligible postal code-at least one-fifth required Family Since the second quarter of 2020, it has been sold at a price above the six-digit threshold for two or more three-month periods.
Outside the capital, the new £1 million markets include North and West Oxford (OX2), Tunbridge Wells (TN3) and Reading (RG8).
Researchers say that analysis of the Land Registry data shows that the pandemic has not disrupted the UK real estate market: on the contrary, as the stamp duty holiday ends and the impact of Covid has subsided, real estate prices have undergone “subtle rather than transformative changes” “.
Knight Frank said that the latest data highlights the growing demand for space and greenery after continuous lockdowns, with a new £1 million real estate market spreading outside of central London and beyond the inner city.
British Housing Research Director Tom Bill said: “The pandemic has left its mark on the UK real estate market by amplifying existing trends rather than rewriting the rule book.”
“Things will not recover from where they stopped in March 2020, but the broader trajectory will feel familiar.”
At the local level, in the year to March 2021, Newquay, Cornwall, experienced the largest house price increase (+22%), followed by Ryder on the Isle of Wight (+19%).
According to repeated sales data, the top five are Chapeltown in Leeds (+19%), Lymington in New Forest (+18%) and St Austell in Cornwall (+17%).
The “space race” of larger gardens has also narrowed the gap between the capital and the rest of England and Wales.
In March 2016, the average house price in England and Wales was 47% of the house price in London, which was the lowest rate since the Land Registry began recording in 1995.
Due to strong demand and rising prices outside the capital, it has been rising since then, reaching 54% in June this year.
The gap may be further narrowed.
The average house price in London in June this year was 71% higher than the peak before the global financial crisis in November 2007. As far as England and Wales are concerned, this figure is 46%, indicating that there is more room for future growth.
Researchers said that the return of international buyers will alleviate this situation and expect price growth in prime locations in central London to exceed the rest of the country in 2022.
It said: “The way forward is clear. Covid has left its mark on the UK real estate market, but what will happen next will also be well known.”
