Pandemic puts a dent in London’s prime sales but million-pound homes sell faster

Forget London, Scotland is now the fastest-moving market for million-pound properties.

Analysis by Rightmove has found that million-pound homes are selling 25 days quicker on average north of the border compared with before the pandemic.

Million-pound homes are selling after 61 days on average in Scotland compared with 67 in London.

The time on the market figure for the capital is still faster than the 85 days it took before the pandemic but the busy sales period elsewhere means the city is now the fifth fastest-selling region for million-pound properties.

It has fallen behind Scotland, east of England, the south east and the east Midlands.

The average time to find a buyer for a million-pound property across Great Britain has slowed from 88 days on average between April 2019 and March 2020 to 67 in the 12 months to June 2021. 

The research also found that London has seen a drop in its overall share of the total million-pound sales market, with 40 per cent now taking place in the capital, compared with 47 per cent before the pandemic.

The south east of England has recorded the biggest increase in the share of million-pound homes across Great Britain, rising from 26 per cent to 29 per cent.

Tim Bannister, director of property data for Rightmove, said: “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.”