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

Letting Agent Talk

The pros and cons of renting to students: is it the right choice for you?

Student properties are no different in term of quality and facilities than any other type of private rental. And although landlords may have to spend a fair amount on setting up and properly maintaining student lets, they can also charge a good market rent. To help you decide whether letting to students might be worthwhile…
Read More
Finance

Autumn Budget Misses Mark on Housing Reform: UK Rental Market Squeezed by Shortages and Rising Rents

The UK rental market faces mounting pressures, with a recent Rics survey revealing a critical shortage of properties and surging rent prices. Landlord instructions, a key indicator of properties available to rent, fell to a net balance of -29%, marking this the lowest level since 2021. Strong tenant demand is driving rents higher, with 33%…
Read More
Estate Agent Talk

Save a house deposit faster than ever in THESE areas!

Save a house deposit faster than ever in THESE areas! Aberdeen City in Scotland is named the best place to live if you want to save for a house deposit fast, saving in as little as a year and a half Inverclyde is second, whilst Burnley is third Average salaries and house prices in each…
Read More
Estate Agent Talk

Finding Your Dream Home: Expert Advice from Camberley’s Top Estate Agents

Finding the right estate agent is crucial when navigating the competitive housing market in Camberley. With local expertise and in-depth market knowledge, these professionals can guide you toward your ideal property, saving you time and effort. Their understanding of the area’s nuances, from property trends to community relationships, positions them as indispensable allies in your…
Read More
Breaking News

Zoopla reveals most affordable towns in Britain

With the average home valued at nearly four times average household incomes, Zoopla reveals the most affordable towns in Britain   An average property in Britain is valued at 3.8 times the average annual household income (assuming 2 full-time workers) Cumnock in Scotland, is Britain’s most affordable town to buy in 2024 with average property…
Read More
Software & Tech

The Evolving Nature of Real Estate and Strategies for Agency Success

Real estate agents are used to working with fluid market dynamics. Adapting their sales strategies and responding to new industry demands is almost second nature to most agencies today. However, while making the necessary adjustments when following housing market trends is important, it’s also important for agencies to consider new business innovations that become available…
Read More