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 new research by Rightmove.
The analysis looked at the year before the pandemic with the year since the market re-opened to measure current prime market behaviour against pre-pandemic levels.
Over the past year million pound homes have taken an average of 67 days in London to find a buyer, which although 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.
The numbers also reveal that London has seen a drop in its overall share of the total million-pound sales market, with 40% of million pound sales now taking place in the capital, compared with 47% before the pandemic.
Across Great Britain the increase in the number of million pounds homes that are selling is up 80% on pre-pandemic levels, compared with an overall increase across all property sales of 37% likely driven by buyers in the prime market prioritising more space and being able to consider working from home when choosing their next property.
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 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.”