Superb homes in the UK's new £1m postcodes

Amidst the ebb and flow of the local housing market, research by Knight Frank shed light on the emergence of new £1 million property markets in England and Wales. Despite the overarching trend of declining house prices in various regions, 11 areas defied the odds and crossed the £1 million threshold in 2023.

To qualify for the list, a minimum of 20% of property sales had to surpass the £1 million mark in two or more quarters within the year leading up to September 2023.

Notably, the 11 locations cover a broader geographical spread compared to data from mid-2022, indicating a significant shift in demand for homes beyond London, driven partly by affordability and the rise of hybrid working.

James Cleland, head of the Country business at Knight Frank, sheds light on this trend, explaining: “Even though prices have come back since Covid, buyers are having to target better-value markets, which is driving prices higher in locations that were once less popular.”

The list includes the OX44 area of South Oxford and Watlington (OX49) in Oxfordshire, where demand is increasing due to the region's proximity to top schools and its commutability to London. Other picturesque locations such as Ambleside in Lancashire (LA22), Southwold in Suffolk (IP18), Broadway in the Cotswolds (WR12), and the EX3 area of Exeter that includes Topsham have now entered the realm of £1 million markets.

The UK's new £1 million markets

1. Woking (GU23)
2. Ashtead (KT21)
3. Haywards Heath (RH17)
4. Berkhamsted (HP4)
5. Mill Hill (NW7)
6. South Oxford (OX44)
7. Watlington (OX49)
8. Ambleside (LA22)
9. Southwold (IP18)
10. Broadway (WR12)
11. EX3 area of Exeter, including Topsham

Here, we explore five superb homes for sale in these sought-after locations.