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London no longer the fastest-selling market for £1million-plus property sales

Move over, London (Picture: Rightmove)

New figures have shown that four UK regions have overtaken London as faster-moving markets for million-pound homes, with Scotland taking the lead.

Rightmove has it that London has lost out on the top spot of the fastest-selling region among ‘millionaire movers’ and fallen to the fifth position, behind Scotland, the East of England, South East and the East Midlands.

They measured figures from the year before the pandemic, comparing them with the year since the property market reopened to reach these conclusions.

Properties in Scotland, the new fastest-selling market, were typically able to secure a buyer in 61 days, which is 25 days quicker than was the case before the pandemic.

Meanwhile, during the past year, it’s taken million-pound homes in London an average of 67 days to secure a buyer.

While this is still faster than before the pandemic, London dropping from first to fifth place is still an interesting turn of events given the capital’s historic property market dominance.

According to Rightmove, roughly four in ten (40%) million-pound property sales are now being made in London, with these numbers having fallen from close to half (47%) pre-pandemic.

It comes as little surprise given the number of people who chose to move (or at least hope to leave) London since the pandemic started.

Rightmove suggests these figures could be down to buyers looking for more space and the ability to comfortably work from home.

Dr John Boyle, of estate agents Rettie & Co in Scotland, said: ‘The Scottish £1million market has proven to be resilient in the face of the pandemic.

‘Just like the wider housing market here, demand has been moving well ahead of supply, leading to price rises and fast-moving sales.



Fastest moving local areas for £1m properties outside London between June 2020-June 2021

Location Average time to find a buyer (days)

Thames Ditton, Surrey 26

Epsom, Surrey 33

Haywards Heath, West Sussex 37

Ashtead, Surrey 39

Berkhamsted, Hertfordshire 40

St. Albans, Hertfordshire 41

Hertford, Hertfordshire 41

Chelmsford, Essex 41

Hitchin, Hertfordshire 42

Reigate, Surrey 43

Source: Rightmove

‘The market is particularly strong in the east of the country, with Edinburgh alone accounting for well over half of all Scottish £1million sales.

‘However, other areas are seeing rising £1million sales, particularly in outlying areas of the wider Lothians market, with sales outside Edinburgh notably higher in the east compared with recent years.’

As for local areas outside London, the fastest-moving place by far was Thames Ditton in Surrey, with the average time it takes to find a buyer for £1million-plus properties being less than a month.

Indeed, Surrey seems to be a popular choice for millionaire movers, with four local areas in the county making it into the top ten.

Hertfordshire is another popular option, with four local towns in that county hitting the top ten as well.

Tim Bannister, Rightmove’s director of property data, said: ‘Prime sales growth has outperformed the wider market over the past year, as many people across Great Britain have chosen to take a step up the property ladder, potentially moving further out to afford a bigger property, or finally making the move to their forever home.

‘Whilst London is still home to a significant portion of the prime market, some millionaire movers have turned their city commute into a rural route.

‘These dynamics have helped push swathes of the UK’s property stock into the higher price brackets, and have led to a broader geographical spread of million-pound properties.’

 


Credit: Original article published here.

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