Three new million-pound property markets identified in England

Three areas in England have recently become million-pound property markets, according to estate agent Knight Frank. This is a significant drop from 11 areas last year, attributed to rising mortgage rates and declining house prices. The new million-pound markets are Cambridge, Chichester in West Sussex, and Winchelsea in East Sussex. These areas saw a notable increase in property sales above £1 million, meeting the criteria set by Knight Frank. In contrast, last year, some buyers benefited from lower mortgage rates. The average house price in Cambridge was £515,000 in December 2024, reflecting a 4.4% increase from the previous year.