Latest news with #MoleValley
BBC News
a day ago
- Business
- BBC News
Surrey districts see fast rise in houses costing over £1m
One in five properties in Mole Valley are now worth £1m or more, according to a property website. The area is one of three Surrey districts included in a list of the fastest increases in the proportion of million-pound homes in the last six years, by property website Rightmove. Mole Valley has seen the biggest rise in this category with a 12% increase, while Elmbridge and Waverley grew by 11% and 8% respectively. Colleen Babcock, a property expert at Rightmove, said Mole Valley was "a standout". One in five properties in Waverley is valued at more than £1m while the figure stands at one in four in Elmbridge. Just over 5% of homes for sale across Britain are now priced at £1m or more, compared with just under 3% in 2019, Rightmove website says the Covid-19 pandemic has driven property demand outside the capital and into commuter belt locations, citing Waverley as an example. Additionally Elmbridge has the ninth biggest concentration of million-pound homes in England, Wales and Scotland. Ms Babcock said: "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."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."Elsewhere in the South East, Tunbridge Wells saw a 183% rise in volume of million-pound or more homes since before Covid. Local areas included in Rightmove's research were those with at least 10 or more homes for sale during the time periods analysed.
Telegraph
a day ago
- Business
- Telegraph
One in 20 properties now worth £1m or more
The number of £1m-plus homes for sale has doubled as Britain's race for space intensifies, a property website has found. One in 20 homes on the market is now priced at seven figures or more, 103pc more than six years ago, Rightmove found. Cornwall saw the largest increase with a 246pc rise, while 22pc of homes for sale in Surrey's Mole Valley now cost £1m or more. London retained the largest concentration of high priced homes for sale, with Westminster and Kensington and Chelsea topping the list ahead of Wandsworth. The data, released by Rightmove, showed there were twice as many homes listed at £1m or more between January and April 2025 compared to the same period in 2019. Property prices have increased in recent years, particularly in seaside locations, after city homeowners sought extra space amid the rise in opportunities to work from stamp duty holiday and low interest rates also pushed up prices. Colleen Babcock, of Rightmove, said the surge was 'substantial'. She said: 'Since 2019, we've seen the number of million-pound homes for sale double, with over 5pc of the market now priced at a million pounds or more. '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. 'Mole Valley is a standout, with 22pc of its homes for sale now in the million-pound bracket.' Areas with 10 or more homes for sale were included in Rightmove's research. Cornwall had the largest increase in seven-figure listings, followed by Uttlesford with 233pc and Somerset on 226pc. After Mole Valley, Waverley and Windsor and Maidenhead saw the biggest increases in proportion of houses priced at that level. All three areas had at least a 10pc rise. Eight of the top 10 areas with the highest concentration of million-pound plus houses were in London, with Buckinghamshire and Elmbridge also making the list. Toby Leek, president of the National Association of Estate Agents Propertymark, said: 'The popularity and desire for our London capital remains strong, and with that comes increasing house prices, particularly in certain 'high-value' pockets such as Kensington and Chelsea. 'However, with huge social and economic changes happening, especially over the past decade, trends have shifted. Homeowners are looking for varying characteristics and locations, making rural, seaside and picturesque outer London areas much more appealing.' The figures come after second home owners were hit with huge bills after more than 200 local authorities brought in a 100pc council tax premium from April 1, enabled by rules introduced under the Conservatives. Telegraph analysis found that 2,000 second home owners in popular holiday hotspots could face bills of £10,000 or more across both their residences. The average second home owner will now see their tax bill rise 77pc to £3,672 in 2025-26.
Yahoo
2 days ago
- Business
- Yahoo
Number of million-pound homes for sale in Britain doubles since 2019
The number of homes for sale in Great Britain that are priced at a £1m or more has doubled over the past six years, according to an analysis by property platform Rightmove (RMV.L). Just over 5% of properties for sale in Britain have now crossed that price point, compared to just under 3% before the pandemic in 2019. Rightmove's analysis compared the prices of homes for sale between January and April 2025 with the same period six years ago. Cornwall has seen the biggest increase in the number of homes for sale at £1m or more since 2019, with the amount having tripled (+246%) over the past six years. Uttlesford in Essex saw the second biggest increase (+233%) and Somerset came in third place (+226%). As expected, London had most £1m homes for sale, with the boroughs of Westminister, Kensington & Chelsea and Wandsworth topping this list. Meanwhile, Mole Valley in Surrey was the area which is increasingly becoming a million-pound market for buyers. More than a fifth (22%) of homes for sale in Mole Valley were priced at £1m or more, up 12% over the past six years. Read more: UK house price growth halves after stamp duty break end The London borough of Richmond has become the latest area where the average asking price has topped £1m for the first time, with the typical home now on the market for £1,006,981. Across the thousands of local housing markets on its platform, Rightmove (RMV.L) said that there are now 66 areas outside of London with an average asking price of £1m or more back in 2019, more than doubling from 30 areas in 2019. 'The surge in million-pound homes for sale across Great Britain is substantial," said Colleen Babcock, property expert at Rightmove. "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." Toby Leek, president of NAEA (National Association of Estate Agents) Propertymark, said: "The popularity and desire for our London capital remains strong, and with that comes increasing house prices, particularly in certain 'high-value' pockets such as Kensington and Chelsea. "However, with huge social and economic changes happening, especially over the past decade, trends have shifted, meaning homeowners are looking for varying characteristics and locations, making rural, seaside and picturesque outer London areas much more appealing." Data released by the Office for National Statistics (ONS) on Wednesday showed that the annual rate of UK house price growth halved in April as the stamp duty ended. Prices rose by 3.5% to £265,000 in the 12 months to April, down from 7% in the year to March. Read more: Bank of England expected to hold interest rates as inflation comes in above target Are UK investment assets becoming more attractive? Have your say Eurozone inflation falls below ECB target to 1.9%Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The National
2 days ago
- Business
- The National
UK's market for million-pound homes doubles
The number of homes for sale across Britain with an asking price of £1 million or more has doubled in the past six years. Many seaside locations became a 'race for space' among homebuyers during the coronavirus pandemic, but London still has the largest number of homes in that price bracket of any region, with Westminster, Kensington & Chelsea and Wandsworth topping the list collated by property site Rightmove. It recorded a 103 per cent increase in homes at this price point. In commuter belt locations such as St Albans, Windsor and Maidenhead, Three Rivers and Waverley, about one in every five homes for sale now has a £1 million price tag. The London Borough of Richmond became the latest area to reach the threshold for the first time, with average asking prices between January and April this year standing at £1,006,981. Cornwall posted the biggest increase in that period, rising 246 per cent. The number of areas outside London with a £1 million average rose from 30 to 66 after the pandemic, with just over five per cent now asking for seven figures compared with three per cent in 2019. Mole Valley in Surrey emerged as the area which is increasingly becoming a million-pound market. More than a fifth (22 per cent) of homes for sale in towns such as Dorking and Leatherhead were priced at more than £1 million, an increase of 12 per cent in six years. Colleen Babcock, a Rightmove property expert, described the surge in prices as 'substantial'. 'Since 2019, we've seen the number of million-pound homes for sale double. 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. 'The number of areas outside of London where the average price is a million pounds or more has also more than doubled, showing that the million-pound mark is becoming more common in various locations.' Local areas included in Rightmove's research were those with at least 10 or more homes for sale during the time periods analysed. Meanwhile, the annual rate of house price growth halved as a stamp duty holiday ended, according to Office for National Statistics (ONS) figures. The average UK house price increased by 3.5 per cent in the 12 months to April, halving from 7.0 per cent annual growth recorded in March this year. Stamp duty discounts became less generous for some home buyers from April. Stamp duty applies in England and Northern Ireland. Average house prices increased to £286,000 (3.0 per cent annual growth) in England, £210,000 (5.3 per cent) in Wales, and £191,000 (5.8 per cent) in Scotland in the 12 months to April 2025. The average house price for Northern Ireland was £185,000 in the first quarter of 2025 – a 9.5 per cent increase annually. Tom Bill, head of UK residential research at Knight Frank, said: 'The UK housing market is still in recovery mode after the stamp duty cliff edge in April but prices are being kept firmly in check by an overhang of supply. 'We don't expect a rate cut before August but the weak state of the UK economy is putting downwards pressure on mortgage rates, which should support demand in the short-term.' Kevin Roberts, managing director, mortgage services, at L & G, highlighted a recent wave of innovative mortgage products. 'Our broker data shows that first-time buyers are particularly active, accounting for nearly 60 per cent of purchases since the start of the year.'
BBC News
3 days ago
- General
- BBC News
Council agrees to put £200k towards Pippbrook House repairs
A Surrey council's cabinet has agreed to put £200,000 towards repairing a historic Valley District Council's (MVDC) cabinet met on Tuesday evening to discuss allocating the money for Pippbrook House near Dorking, which was set to be used for ongoing November 2023, MVDC allocated £1.4m for the work on the Grade II-listed 19th Century council had said the repairs to the first floor and ground floor west wing window lintels, which had water damage, were "critical". Councillor Nick Wright, cabinet member for leisure and community assets, said the council had a "moral obligation" to look after the building."It's very much a valued local asset," he said."We do need to find other creative ways of funding some of the work that needs to be done, but you can't do that if you've got holes in your roof."We're not denying that there are challenges there, there are significant challenges, but these works are necessary."Pippbrook House was designed by prolific Victorian architect Sir George Gilbert Scott, a leader of the Gothic revival other buildings include the Midland Grand Hotel at St Pancras station, the Albert Memorial in London and the University of Glasgow's main council initially hoped to spend £3.1m on the building, but had to scale back the budget when it was unable to find grant to weatherproof the roof of the building, which was built between 1856 and 1858, has been ongoing since additional £200,000 will allow the council to replace the decayed ground and first floor west wing complete it will also open up two further rooms within the listed building for community use.A report said that is work was not carried out now, future restoration could be more expensive.
