One in five Mole Valley homes now worth over £1m

One in five properties in Mole Valley are now worth £1m or more

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 said.

The 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.