The million pound plus market is most active in Cambridge reveals Rightmove

June 7, 2018

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.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Estate Agent Talk

Alterations can change a property’s rebuild cost

‘Don’t get caught short’ warning to homeowners from valuations experts – alterations can change a property’s rebuild cost Properties change over time. Homeowners may add an extension, upgrade a kitchen or bathroom, alter the layout, or even change how the building is used, but when do those changes mean it’s time for a new rebuild…
Read More →
Breaking News

HMO conversions hit investors for £82,000 on average

The average cost of converting a property into a house in multiple occupation (HMO) is estimated at more than £82,000 across England, according to new research by residential property management specialist, Rushbrook, although investors looking to avoid the conversion process have more than 2,500 existing licensed HMOs available to purchase. Rushbrook analysed HMO property listings across…
Read More →
Estate Agent Talk

Selling a HAUNTED house?

Property lawyer reveals whether you have to tell buyers about ghosts    HOMEOWNERS selling a property with a spooky reputation have been warned that its haunted history could come back to bite them if a nervous buyer starts asking questions. From unexplained footsteps and doors opening by themselves to tales of former residents refusing to…
Read More →
Breaking News

Renters call for greater transparency in HMOs

National findings released as 1 in 5 tenants report feeling unsafe at some point during their tenancy because of a housemate Rising housing costs pushing more people towards shared accommodation      42% of tenants received no information about their housemates before moving in 60% wish they had known more about who they would be living with…
Read More →
Breaking News

Housing Insight Report: August 2026

August’s figures reveal a housing market where activity continues, but buyers are taking a more cautious approach, making realistic pricing and negotiation increasingly important. Meanwhile, growing tenant demand and limited rental supply continue to create challenges across the lettings market, highlighting the different pressures facing buyers, sellers, landlords and renters. Nathan Emerson, CEO of Propertymark,…
Read More →
mycelium growth
Estate Agent Talk

How to spot and prevent damp and mould in your home

As temperatures fall and homes become more susceptible to condensation and moisture, Propertymark is urging tenants and homeowners to be aware of the signs of damp and mould and take action early to protect their homes and their health. Two-year-old Awaab Ishak died from a severe respiratory infection after being exposed to damp and mould…
Read More →