Property reporter
The data compares the year before the pandemic with the subsequent year after the market reopened. It highlights the current dynamics of the prime property market compared to pre-pandemic levels. This accelerated pace in Scotland shows a shift in buyer behaviour.
In the past year, London million-pound homes have seen a slight slowdown. They now take an average of 67 days to find buyers. Although this is an improvement from pre-pandemic times, London is now the fifth fastest-selling region. Scotland leads, followed by the East of England, South East, and the East Midlands. This demonstrates a reshuffling in the prime property market hierarchy.
Property Reporter | Shifts in million-pound property trends
Recent statistics show a significant change in million-pound property sales across Great Britain. London, traditionally dominating the market, now accounts for 40%, down from 47% pre-pandemic. This shift shows changing preferences among prime property buyers. The emphasis is now on spacious living and remote work flexibility.
The South East is emerging as a new powerhouse. Its market share for million-pound homes has risen from 26% to 29%. This indicates a geographical shift in high-value property transactions. Buyers are seeking alternatives outside the capital.
Across Great Britain, million-pound property sales increased by 80% compared to pre-pandemic levels. In contrast, overall property sales rose by 37%. This data highlights the resilience and strength of the top-tier property market despite broader market trends.
A closer look at individual regions reveals Wales as a surprising leader. There, million-pound home sales have surged by 164% since the pre-pandemic era. Despite this growth, such sales in Wales represent only 0.6% of total transactions in Great Britain.
In essence, the evolving landscape of million-pound property sales shows London’s reduced influence. It also highlights the rise of new regional contenders. This signifies a broader shift in the preferences and priorities of high-end property buyers in the post-pandemic era.
Property Reporter | Transformations unfolding locally
At a local level, notable shifts are taking centre stage. In the picturesque landscape of Hampshire, Stockbridge is witnessing more homes fetching a million pounds or more. The landscape of property transactions has changed significantly. The percentage of sales involving residences valued at one million pounds and beyond has risen from 11% to an impressive 26%.
Moreover, Thames Ditton emerges as a hotbed of rapid real estate activity. Here, million-pound residences swiftly find new owners within a mere 26 days. The dynamism of this locale’s property market underscores a compelling trend. High-value homes are changing hands quickly, adding an intriguing layer to the evolving local real estate narrative.
Tim Bannister, Rightmove’s Director of Property Data, comments: “Prime sales growth has outperformed the wider market over the past year. Many people across Great Britain have chosen to take a step up the property ladder. They are potentially moving further out to afford a bigger property or moving to their forever home. While 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 higher price brackets, leading to a broader geographical spread of million-pound properties.”
helped push swathes of the UK’s property stock into the higher price brackets, leading to a broader geographical spread of million-pound properties.”
Dr John Boyle, Director at Rettie & Co in Scotland, adds: “The Scottish £1m market has proven resilient in the face of the pandemic. Like the wider housing market here, demand has been moving well ahead of supply. This has led to price rises and fast-moving sales. The market is particularly strong in the country’s east, with Edinburgh alone accounting for over half of all Scottish £1m sales. However, other areas are seeing sales rise by £1m. In outlying areas of the wider Lothians market, sales outside Edinburgh are notably higher in the east compared with recent years.”
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