Scotland’s £1m Property Market: Rightmove research published in 2021 found that million-pound homes in Scotland secured buyers faster than those in London.
The figures reflected strong demand, limited supply and changing regional preferences during the period following the reopening of the housing market.
However, market speed did not determine mortgage suitability. Advisers still needed to assess affordability, valuation evidence, property type and lender criteria.
Scotland led the £1 million market in 2021
In 2021, Rightmove research identified Scotland as Great Britain’s fastest region for million-pound homes to find buyers.
Properties priced at £1 million or more secured buyers in an average of 61 days. Before the pandemic, the comparable period had averaged 86 days.
London’s million-pound homes took an average of 67 days to find buyers. That placed the capital behind Scotland, the East of England, the South East and the East Midlands during the research period.
These figures measured the time between a property being advertised and a buyer being found. They did not measure the full period from listing to legal completion.
Key findings from the market survey
The research compared activity after the housing market reopened with the corresponding pre-pandemic period.
| Market measure | Reported finding |
|---|---|
| Average time for a £1m Scottish home to find a buyer | 61 days |
| Reduction against the pre-pandemic comparison | 25 days |
| Average time for a £1m London home to find a buyer | 67 days |
| Increase in Great Britain’s £1m transactions | 80% |
| Increase across the wider property market | 37% |
| London’s share of £1m transactions | Fell from 47% to 40% |
| South East share of £1m transactions | Rose from 26% to 29% |
The data showed that the prime market had become more geographically distributed.
London still represented the largest share of million-pound transactions. However, more buyers were considering larger homes and locations beyond the capital.
Regional demand moved beyond London
The South East increased its share of million-pound transactions from 26% to 29%.
Wales recorded a 164% increase in sales at this price level compared with the pre-pandemic period. However, Welsh transactions still represented only 0.6% of Great Britain’s million-pound market.
This distinction matters. A large percentage increase can begin from a relatively small base.
Advisers should therefore examine the underlying transaction volume before drawing conclusions from a headline percentage.
Local figures required careful interpretation
The research also identified significant variations between individual locations.
In Stockbridge, Hampshire, the proportion of transactions valued at £1 million or more reportedly increased from 11% to 26%.
In Thames Ditton, Surrey, million-pound homes found buyers in an average of 26 days.
Local figures can reveal concentrated demand. However, smaller sample sizes may produce greater movement between reporting periods.
A fast local market does not mean every property will achieve the asking price or meet a lender’s valuation requirements.
What the research meant for mortgage advisers
Property-market surveys can improve the quality of an early client conversation. However, they should be treated as context rather than proof.
An appointed representative adviser could use regional research to discuss:
- how quickly comparable properties were finding buyers;
- whether supply appeared restricted within a particular price band;
- how regional demand differed from national reporting;
- whether clients needed time to prepare income and deposit evidence;
- why a lender’s valuation could differ from an agreed purchase price;
- whether the property required specialist underwriting.
This approach connects market evidence with practical case preparation.
Connect explores similar changes through its guide to mortgage networks and market trends.
Market reporting does not replace mortgage research
A property survey describes a group of transactions or listings. It does not establish whether a mortgage is suitable for an individual applicant.
A lender may still consider:
- verified income;
- affordability and expenditure;
- deposit source;
- credit history;
- property construction;
- location;
- intended use;
- loan-to-value;
- resale demand;
- valuation evidence.
Advisers must also confirm that the information used remains current.
Property data can age quickly. A report from 2021 should not be presented as evidence of present-day demand without newer supporting information.
Tools such as sourcing systems, lender criteria databases and case-management platforms can help advisers organise that research. See how Connect approaches mortgage broker technology.
Prime Market Growth Broadens UK’s Million-Pound Property Landscape
According to Tim Bannister, Director of Property Data at Rightmove, the UK’s prime property market has significantly outperformed the wider housing sector over the past year. This upward momentum has been largely driven by home movers stepping up the property ladder, many of whom are relocating further afield to secure more space or settle into their forever homes.
While London remains a stronghold for high-value sales, a notable shift has seen wealthy buyers trading urban commutes for rural living. These changing lifestyle preferences have not only increased demand in commuter belts and rural areas but also expanded the distribution of million-pound homes across Great Britain. Bannister explains that this shift is “helping push large portions of the UK’s housing stock into higher price brackets, resulting in a broader geographic spread of £1m+ properties.”
Resilient Growth in Scotland’s £1m Property Market
Dr John Boyle, Director at Rettie & Co, highlights how Scotland’s million-pound market has shown remarkable resilience in the wake of economic disruptions. “The £1m+ segment has maintained strength, with demand consistently outpacing supply, a trend seen across the broader UK housing market,” he says. This mismatch has fuelled price growth and accelerated sales velocity.
Edinburgh continues to lead, accounting for over half of Scotland’s seven-figure home sales. Yet, growth isn’t limited to the capital. The wider Lothians region is experiencing a surge in £1m transactions, particularly in eastern outlying areas. This indicates that affluent buyer interest is expanding beyond traditional hotspots, aligning with national trends toward decentralisation and lifestyle-driven moves.
Survey reporting: five questions advisers should ask
Before using a housing-market report, advisers should ask:
- Who produced the research?
Check whether the publisher collected the data directly or repeated another organisation’s findings. - What period was measured?
A monthly, quarterly or annual comparison may produce a different result. - What does “sold” mean?
It may mean an offer was accepted rather than the transaction completed. - How large was the sample?
A substantial percentage change may relate to a small number of properties. - Does the evidence apply to the client’s property?
National or regional averages may not represent one postcode, building type or valuation.
Good research does not remove uncertainty. It defines that uncertainty more clearly.
Why regional adviser knowledge still matters
Housing demand varies by town, property type and price range.
Consumers who value local experience can use the Connect Experts directory to find a mortgage adviser by location.
Connect Experts is an adviser directory and matching service. Mortgage advice is provided by the adviser or firm selected by the consumer.
For network firms, regional visibility can help connect relevant adviser experience with local consumer searches.
Research source and historical context
The findings discussed in this article were reported during 2021 and describe that period.
Readers reviewing current property conditions should compare them with newer sales, listing and valuation evidence.
The original reporting was based on Rightmove property research.
Supporting advisers through changing property markets
Market reports are most useful when their limits are understood.
They can indicate changes in demand, supply and buyer behaviour. They cannot decide whether a mortgage is affordable, suitable or likely to receive lender approval.
Advisers considering a broader support structure can review the services available through Join Connect Network.
FAQ: Scotland’s £1 million property market research
Was Scotland always the fastest £1 million property market?
No. The finding related to the period covered by the 2021 research. Regional market positions can change as demand, supply and economic conditions change.
Did homes complete within 61 days?
Not necessarily. The measure referred to the average time taken to find a buyer. Mortgage underwriting, conveyancing and legal completion happen afterwards.
Did strong demand guarantee the property value?
No. A lender would still require an acceptable valuation. The agreed purchase price and mortgage valuation may differ.
Can an adviser rely on property portal data?
Portal data can support market understanding. It should be considered alongside lender criteria, valuation evidence and the client’s circumstances.
Why does market research matter to a mortgage network?
Market research helps advisers understand the conditions surrounding a case. A network can support that work through technology, compliance guidance, lender access, training and specialist case support.