The number of UK neighbourhoods with average house prices above £1m has fallen over the past three years, but the picture is more nuanced than a simple market-wide decline. For Jasper Colliver of Middleton Advisors, the changing fortunes of villages around established prime locations offer a useful insight into how the market is shifting.
In The Times article, Where have all the £1m-plus houses gone?, Jasper comments on the changing values seen in parts of Elmbridge, Surrey.
The article draws on research showing that the number of UK electoral wards with average house prices of £1m or more fell from 122 in 2023 to 92 in 2026. Several areas that crossed the threshold during the pandemic have since fallen below it, as higher borrowing costs, taxation and changing working patterns have affected buyer activity.
Jasper highlights the particular position of villages close to some of Surrey’s established prime markets:
“Each of the Elmbridge villages of Oatlands, Burwood Park and Claygate are neighbours of traditionally ‘safe’ areas for the market, notably Weybridge and Esher,” he says.
The figures illustrate the change. In Claygate, the average house price fell from £1,023,514 in the year to June 2023 to £928,937 in the year to June 2026. In Oatlands and Burwood Park, the average moved from £1.17m to £993,915 over the same period.
These figures are a reminder that location alone does not determine how a property performs. Even within a relatively small area, neighbouring villages can experience different market conditions, influenced by their housing supply, buyer profile and position in relation to established prime locations.
Read the full article here.
