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ACKNEY, Hendon, Hornsey and Vauxhall are among 19 districts to have joined the golden ranks of the £ 1million property club since March 2020, new figures reveal.
Ten London postcodes are eligible for admission – requiring at least a fifth of homes to sell above the six-figure threshold price in two periods of three months or more since the second quarter of 2020.
Outside the capital, new £ 1million markets include North and West Oxford (OX2), Tunbridge Wells (TN3) and Reading (RG8).
Researchers said analysis of land register data suggests the pandemic has not upended the UK housing market: instead, as the stamp duty holidays end and the impact of Covid fading, house prices have undergone a “subtle rather than transformative change”.
Knight Frank said the latest figures highlight the growing demand for space and greenery following successive closures with the creation of new £ 1million property markets spreading beyond central London and overtaking the inner suburbs.
“The pandemic has left its mark on the UK property market by amplifying existing trends rather than rewriting the rulebook,” said Tom Bill, his UK residential research manager.
“Things won’t pick up where they left off in March 2020, but the wider trajectory will feel familiar to you.”
Locally, Newquay in Cornwall experienced the largest increase in house prices (+ 22%) in the year through March 2021, followed by Ryde on the Isle of Wight (+ 19%) .
The top five, based on repeat sales data, are rounded out by Chapeltown in Leeds (+ 19%), Lymington in the New Forest (+ 18%) and St Austell in Cornwall (+ 17%).
The ‘space race’ for larger gardens has also narrowed the gap between the capital and the rest of England and Wales.
The average house price in England and Wales was 47% of the London equivalent in March 2016, the lowest ratio since land registry registrations began in 1995.
It has since increased and stood at 54% in June this year due to stronger demand and price growth outside the capital.
The gap is expected to narrow further.
Average prices in London in June this year were 71% above their pre-global financial crisis peak in November 2007. For England and Wales as a whole, the figure was 46%, showing the greatest scope for future growth.
Researchers said the return of international buyers will temper this and expect price growth in central London to outperform the rest of the country in 2022.
He said: “The direction of the trip is clear. Covid has left its mark on the UK property market, but there will also be something quite recognizable about what is to follow.”
