Uncovered: The Freshly Introduced UK Postal Areas with Million-Pound Property Values, Setting You Back By £1 Million Each
The UK's million-pound postcodes have expanded, with Cambridge (CB3), Chichester (PO18), and Winchelsea (TN36) joining the roster.
Findings from Knight Frank's research reveal that over 20% of house sales in the aforementioned postcodes surpassed £1 million in two or more quarters during the year ending September 2024.
The scenic CB3 postcode in Cambridge encompasses much of the west side of the River Cam and picturesque locales like Girton and Grantchester. The PO18 postcode in Chichester encompasses the beautiful countryside north of the city, including parts of the South Downs national park. Winchelsea's TN36 postcode includes the town itself and its beach.
Hamish Humfrey, head of national waterfront at Knight Frank, remarked on the allure of seaside living in Chichester and Winchelsea, "The enduring appeal of waterfront living has significantly bolstered property values in areas like Chichester and Winchelsea." He also emphasized the proximity to London, which offers an urban escape without sacrificing convenience.
However, the growth of £1 million postcodes in 2024 saw a decrease compared to previous years, with only three new areas added, compared to 11 in 2023[3]. Analysts attribute this slowdown to the rise in mortgage rates in 2024, making £1 million postcodes less affordable, and the shift in house price growth moving away from London and southeast England.
Some other locations saw a rise in £1 million-plus sales and may be poised to join the million-pound club soon. The areas with the biggest increase in sales were Hindhead (GU26), Sevenoaks (TN14), and Hitchin (SG4)[2]. Knight Frank predicts that more £1 million property markets will emerge in the upcoming year as house prices continue to rise[3].
Despite fluctuations in the market, the demand for high-value properties is expected to remain strong, particularly from international buyers[1]. However, broader market conditions and regional variations may continue to contribute to the slowdown in the growth of £1 million postcodes.
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[1] -https://www.bloomberg.com/news/articles/2023-02-24/u-s-homebuyers-fuel-demand-for-expensive-london-properties[2] -https://www.rightmove.co.uk/news/property-news/articles/uk-house-price-growth-slows-q1-2025/[3] -https://www.knightfrank.com/en-gb/research/residential-research/reports/uk-residential-prime-yield/2024q4
- Investors seeking lucrative opportunities in real-estate might find competitive prices in the emerging £1 million property markets across Hindhead (GU26), Sevenoaks (TN14), and Hitchin (SG4), as Knight Frank predicts their potential entry to the million-pound club.
- The growth of £1 million postcodes in the UK's property finance sector, as revealed by Knight Frank, has experienced a slowdown in 2024, primarily due to increases in mortgage rates making these areas less affordable for potential buyers.
