Scotland overtakes London as fastest million-pound market as capital loses share

Scotland has overtaken London as the fastest-moving market for million-pound properties, with homes finding a buyer 25 days quicker on average than before the pandemic

  •  London has seen a 7% drop in its overall share of total million pound sales across Great Britain, with 40% taking place in the capital over the past year compared with 47% before the pandemic:
  • The South East has recorded the biggest rise in share over the past year
  • Wales has seen the biggest increase in the number of sales being agreed for million pound homes, more than doubling (+164%) since before the pandemic
  • Stockbridge tops list of areas seeing the biggest rise in the proportion of stock selling for above a million pounds, up from 11% of homes pre-pandemic to 26% now
  • Thames Ditton leads the way as the fastest moving area for million-pound homes outside London

A new million pound market study from the UK’s biggest property website Rightmove shows that 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.

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.

The data suggests that London’s overall influence on the prime market has dropped slightly, likely driven by buyers in the prime market prioritising more space and being able to consider working from home when choosing their next property.

The South East has recorded the biggest increase in the share of million pound homes across Great Britain, rising from 26% to 29%.

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%.

Wales has seen the biggest increase in the number of sales being agreed for million pound homes, more than doubling (164%) since before the pandemic, although their million pound sales make up just 0.6% of all those taking place across Great Britain.

At a local level there are some significant changes. Stockbridge in Hampshire has seen the biggest rise in the proportion of homes that are selling for a million pounds or over. The percentage of all sales in the area that are worth one million pounds and above has jumped from 11% to 26% now.

The fastest-moving area is Thames Ditton where million pounds homes have found a buyer in just 26 days.

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 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.”

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Breaking News

Freehold and Leasehold Reform Act-lessees can control their own destiny

Matthew Pennycock, Minister of State for Housing and Planning, has made a Parliamentary Statement regarding the future progress of the Freehold and Leasehold Reform Act 2024. The Government have formally recognised the “significant complexity of the task” and that the legislation was rushed in at the end of the last parliament and as a result…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker 22/11/24

The current average asking price of a typical first-time buyer property is £225,340. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was…
Read More
Estate Agent Talk

The Architecture Of Attention Behind Social Media Addiction

In the digital age, social media platforms have revolutionized how we connect, share, and consume information. Behind their sleek interfaces lies a sophisticated architecture of persuasive technology.  These platforms employ intricate design patterns and technical elements to capture and hold user attention. From subtle visual cues to complex algorithmic systems, every feature serves a calculated…
Read More
Breaking News

2025 Predictions for the Private Rental Sector

Allison Thompson, National Lettings Managing Director, Leaders Romans Group (LRG) “As we approach 2025, the lettings industry is entering a phase marked by stabilisation and opportunity. Rental inflation has slowed to an average of 3-4% for new lets, reflecting the effects of affordability constraints; renters’ budgets are beginning to limit how much rents can rise.…
Read More
Breaking News

Response to Matthew Pennycook’s Statement on Leasehold Reform

Yesterday, Secretary of State Matthew Pennycook made a Ministerial Statement on the future of leasehold reform. Responding, Mark Chick, director of ALEP and a Partner at Bishop & Sewell LLP said: ALEP welcomes the ministerial statement which puts in place a timeframe and some objectives for the implementation of the Leasehold & Freehold Reform Act.…
Read More
Estate Agent Talk

Essential Garage Storage Solutions for Small Spaces

Maximize your garage space with practical storage ideas that keep your items organized and accessible. If you’re dealing with a smaller garage, smart solutions can make a big difference in keeping your space neat and usable. 1.  Wall-Mounted Storage Wall-mounted storage is an excellent way to save space and keep your garage organized, especially in…
Read More