The number of £1m+ homes outside of London grew by 95,500 in the 18 months to June 2021, while in London, they rose by less than a fifth of that figure. Lucian Cook looks at whether this was a one-off or part of a more permanent rebalancing.
A sharp acceleration in property price inflation means that the combined value of British homes has climbed by £550 billion (a third of the total five-year increase) in just the last 12 months, according to Zoopla’s automated valuations.
“There has never been a busier lettings market at any time over the last 20 years,” says Knight Frank’s head of prime lettings, David Mumby. PCL’s sales market, meanwhile, “is returning to normal conditions one step at a time.”