The top five areas where houses valued at £1 million-plus are selling fastest are all outside London, with homeowners in Cambridge selling their homes the most quickly, according to the latest figures from Rightmove.
The property portal reports that £1 million-plus homeowners in Cambridge are, on average, selling their homes in just 45 days while property owners in Edinburgh and Harpenden in Hertfordshire, are also witnessing quick sales, typically taking just 53 days to sell. Bristol is also popular with buyers, who are snapping up homes in just 54 days.
Other towns in the top 10 fastest selling list are: Brixton in south London, Hackney in east London, Golders Green in north London, St Albans, Winchester, and Woking.
Overall, the average time it takes to sell a £1 million home in the UK is now 99 days – up by five days compared to last year. This is also how long it takes to sell a home in Greater London.
It also takes a lot longer for homes in this price bracket to sell, compared to homes worth £300,000 or less when it takes, on average 58 days to find buyers.
Homeowners in Scotland, East Midlands, North East and the North West are all seeing their £1 million homes sell faster this year – in Scotland, for example, homes are currently selling in 94 days, compared to 113 days last year.
Miles Shipside, Rightmove’s housing market analyst, says: “Hotspots such as Cambridge have helped the East of England take over the mantle from London in recent years, with this region now selling £1 million-plus properties 12 days quicker than in the capital.
“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 over £40,000 in England and even 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.”
|Top 10 fastest places to sell a home for £1m-plusDays to secure buyer in 2018Days to secure buyer in 2017Annual change|
|Cambridge||45||44||One day slower|
|Edinburgh||53||76||23 days faster|
|Harpenden||53||67||14 days slower|
|Bristol||54||36||18 days slower|
|St Albans||60||63||Three days faster|
|Winchester||60||62||Two days faster|
|Hackney||62||63||One day faster|
|Golders Green||64||73||Nine days faster|
|Woking||64||74||10 days faster|
|Brixton||65||89||24 days faster|
|National average||99||94||Five days slower|
|Source: Rightmove, June 2018|