Revealed: The areas where million-pound homes are selling faster despite market slowdown

The top ten areas for million-pound home sales in the UK are seeing properties shift faster than in 2017 despite a national slowdown in high-end transactions, Rightmove claims.

Research by the portal claims that it can now take 99 days on average to sell a £1m-plus property, up from 94 last year.

This compares with 58 days on average for those under £300,000,

But Rightmove also claims that of the top ten hostpots for the fastest million-pound house sales, eight are selling million-pound homes more quickly than in 2017.

Brixton has seen the greatest improvement, seeing properties shifting 24 days faster at 65 days, while it takes Edinburgh sellers 53 days – 23 days faster than 2017.

Cambridge has the quickest time on the market so far this year, at 45 days, although this is one day slower than in 2017.

On a regional basis, the East of England has the fastest time of the market for million-pound properties so far this year, at 87 days, one day slower than 2017.

Scotland has had the biggest improvement, with sales now 19 days faster at 94, while Wales is the slowest region at 173 days, which is 27 days slower than in 2017.

Miles Shipside, housing market analyst for Rightmove, said: “Those lucky enough to be selling a home worth a million or more should think carefully about what they can do to make their home stand out.

“Potential buyers will be wondering if they can afford not only to trade up to the next rung of the ladder, but also to stump up Stamp duty fees of at least £40,000 in England and more in Scotland and Wales.

“They should also bear in mind that it could take some months to secure an offer, so putting their home on the market now will prevent a mad rush to find a buyer when they find something that they have their heart set on.”

x

Email the story to a friend



Comments are closed.

Thank you for signing up to our newsletter, we have sent you an email asking you to confirm your subscription. Additionally if you would like to create a free EYE account which allows you to comment on news stories and manage your email subscriptions please enter a password below.