Scotland overtakes London as fastest million-pound market
Scotland has overtaken London as the fastest moving market for million-pound properties, with homes finding a buyer in 61 days on average, 25 days quicker than before the pandemic, according to data collected by Rightmove.
Over the past year, million-pound homes have taken an average of 67 days in London to find a buyer, which while still quicker than before the pandemic, shifts the capital from being the fastest-selling region into fifth position, behind Scotland, East of England, South East and the East Midlands.
London has also seen a drop in its overall share of the total million-pound sales market, with 40% of sales now taking place in the capital, compared with 47% before the pandemic.
Rightmove suggested that London’s overall influence on the prime market has dropped slightly, likely driven by buyers prioritising having more space and working from home.
The South East recorded the biggest increase in the share of million-pound homes across Great Britain, rising from 26% to 29%.
Across Great Britain, the increase in the number of million-pound homes that are selling is up 80% on pre-pandemic levels, compared with an overall increase across all property sales of 37%.
Wales saw the biggest increase in the number of sales being agreed, more than doubling (164%) since before the pandemic, although these sales make up just 0.6% of all those taking place across Great Britain.
At a local level, Stockbridge in Hampshire has seen the biggest rise in the proportion of homes that are selling for a £1m or over.
The percentage of all sales in the area that are worth £1m and above has jumped from 11% to 26%.
The fastest-moving area is Thames Ditton, where million pounds homes have found a buyer in just 26 days.
Tim Bannister, director of property data at Rightmove, 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.”