The million pound plus market is most active in Cambridge reveals Rightmove
New analysis by the UK’s number one property website Rightmove reveals that the million pound plus market is most active in Cambridge, with homes on the market for £1 million or more selling twice as fast as the national average.
The national average time to agree a sale to a buyer in this price bracket is 99 days, up from 94 days last year. In Cambridge this drops to only 45 days according to Rightmove.
Rightmove’s Housing Market Analyst Miles Shipside comments: “Hotspots like Cambridge have helped the East of England take over the mantle from London in recent years, with this region now selling million pound plus properties 12 days quicker than in the capital. The Scottish million pound plus market has also picked up as the increased activity in the overall housing market in Scotland is having a positive knock on effect on the higher end, especially in cities like Edinburgh.”
Shipside advises: “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.”
The average time it takes an agent to strike a deal for a property usually increases the higher up the ladder or price bracket you go. For example, homes worth £300,000 or under take an average of just under two months (58 days) to find a buyer, while this new analysis shows that property millionaires can be waiting over three months, based on the properties that do actually sell.
Source of information Rightmove.
You May Also Enjoy
Understanding House Value in the UK: A Simple Guide
What does latent defects insurance cover?
Breaking Property News – 24/04/24
An average rate of 6% for the first time since November – Rightmove’s weekly mortgage tracker
Understanding Property Valuation: A Simple Guide