Mole Valley is certainly causing a ripple in this booming property market. Today, one out of every five houses in the borough has a value in excess of £1 million. This figure shows a significant shift in demand. It especially hits commuter belt areas hard, a redistricting change driven in part by the Covid-19 pandemic. In the context of remote working, more buyers are interested in leaving the capital. As a consequence, the supply of million-pound properties for sale has more than doubled since 2019.
Rightmove data reveals that over 5% of homes for sale in Britain now asking for £1 million or above. That’s indicative of another major trend in the housing market. That’s a dramatic jump from slightly below 3% back in 2019. In Mole Valley, the increase in million-pound homes has reached 12%, making it a standout area in this evolving market. Colleen Babcock, an internal property wizard at Rightmove, said of the movement’s relevance.
“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.” – Colleen Babcock
Elmbridge and Waverley saw big surges within their own million-pound home markets. Elmbridge, at 11% the highest increase, is home to a quarter of all homes worth over £1 million. At the other end of the scale, Waverley recorded an 8% rise, with almost one in five properties now over a million pounds. These figures highlight an alarming trend that is happening outside London.
It’s obvious the pandemic has shifted what buyers are looking for. Now, they’re searching for residences in locales that offer them room to spread out and a suburban, walkable lifestyle. Babcock was adamant that this trend is not just an issue for cities.
“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.” – Colleen Babcock
Tunbridge Wells has experienced a shocking 183% rise in £1m+ homes from before Covid. This increase reflects a pent-up demand for high-end real estate in hot markets.
As these statistics imply, the scenery on the front lines of the property market is shifting swiftly. Indeed, as illustrated earlier, an increasing number of homeowners want to buy homes outside of large metropolitan areas. As a consequence, areas such as Mole Valley will remain in demand from potential purchasers.
