In recent findings unveiled by Rightmove, Scotland has outpaced London as the most rapidly moving market for million-pound properties. The latest statistics reveal that homes in Scotland are now securing buyers in an average of 61 days, marking a noteworthy reduction of 25 days compared to the pre-pandemic period.
The data, which compared the year leading up to the pandemic with the subsequent year since the market’s reopening, sheds light on the current dynamics of the prime property market in contrast to pre-pandemic levels. The accelerated pace of property transactions in Scotland underscores a notable shift in buyer behaviour.
Over the past year, million-pound homes in London have experienced a slight slowdown in the selling process, taking an average of 67 days to find a buyer. Although this still represents an improvement from the pre-pandemic timeline, it positions the capital as the fifth fastest-selling region. Scotland now leads the pack, followed by the East of England, South East, and the East Midlands, demonstrating a noteworthy reshuffling in the hierarchy of prime property markets. Property Reporter
Property Reporter | Shifts in million-pound property trends
Recent statistics indicate a noteworthy transformation in the landscape of million-pound property sales across Great Britain. London, traditionally dominating the market, has experienced a significant decline in its overall share, now accounting for 40% compared to the pre-pandemic figure of 47%. This shift indicates a changing preference among prime property buyers, with an increasing emphasis on spacious living and the flexibility of remote work influencing their property choices.
The South East emerges as a new powerhouse, witnessing the most substantial surge in million-pound homes’ market share, soaring from 26% to 29%. This trend suggests a geographical redistribution of high-value property transactions, with buyers seeking alternatives beyond the confines of the capital.
The broader analysis across Great Britain reveals a remarkable 80% surge in million-pound property sales compared to pre-pandemic levels. In contrast, the overall property sales market experienced a comparatively modest increase of 37%. This data underscores the resilience and buoyancy of the top-tier property segment in the face of broader market dynamics.
A closer look at individual regions exposes Wales as an unexpected frontrunner, experiencing a staggering 164% surge in million-pound home sales since the pre-pandemic era. Despite this remarkable increase, million-pound sales in Wales constitute a mere 0.6% of the total transactions transpiring across Great Britain.
In essence, the evolving landscape of million-pound property sales not only portrays London’s diminishing influence but also highlights the emergence of new regional contenders, signifying a broader shift in the preferences and priorities of high-end property buyers in the post-pandemic era. Property Reporter
Property Reporter | Transformations unfolding locally
At a local level, notable shifts are taking centre stage. Stockbridge, nestled in the picturesque landscape of Hampshire, is witnessing a remarkable uptick in the prevalence of homes fetching a million pounds or more. The landscape of property transactions in the area has undergone a substantial alteration, with the percentage of sales involving residences valued at one million pounds and beyond skyrocketing from 11% to an impressive 26%.
Moreover, Thames Ditton emerges as the hotbed of rapid real estate activity, where residences commanding million-pound price tags swiftly find new owners within a mere 26 days. The dynamism of this locale’s property market underscores a compelling trend in the speed at which high-value homes are changing hands, adding an intriguing layer to the evolving real estate narrative at the local level. Property Reporter
Tim Bannister, Rightmove’s Director of Property Data, comments: “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 a 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, 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 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. The market is particularly strong in the country’s east, with Edinburgh alone accounting for well over half of all Scottish £1m sales. However, other areas are seeing rising £1m sales, particularly in outlying areas of the wider Lothians market, with sales outside Edinburgh notably higher in the east compared with recent years.”
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