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Estate agents selling homes fastest in £1m+ prime market says Rightmove

Ongoing sales boom is strongest in key prime home hotspots including cheaper parts of London but also second-home favourites in Norfolk, Wiltshire and Cornwall.

Nigel Lewis

mansion prime

Agents are selling prime properties for sale over £1 million 18 days quicker than a year ago, outpacing the general market.

Prime homes sold on average in 63 days compared to 59 days for the whole market, the portal says, while percentage sales volume double compared to 61% overall.

Outside London, the hotspots are in the main holiday home resorts of Norfolk, Wiltshire and Cornwall, where the number of sales being agreed by agents are up by 244%, 174% and 165% respectively.

Sales are fastest in London’s more affordable postcodes including in Hackney, Tooting, Stoke Newington and Balham. Prime piles are selling fastest outside the capital in two of its key commuters towns – Cambridge and Berkhamsted.

A regional look across July and August compared to the same time last year reveals that the East Midlands has seen the biggest annual increase in sales agreed for £1million plus homes, up 132%, followed by the South West, up 123%.

“Houses in the million pound plus market have always taken longer to find buyers than the wider market because of their higher price points, but our new analysis shows that wealthier buyers who are fortunate enough to be able to move to bigger homes have been driving this sector of the market to a pace not seen since back in 2014,” says Rightmove’s Director of Property Data Tim Bannister (left)

Tom Bill, head of UK residential research at Knight Frank, added: “Demand in higher price brackets is more responsive to external events and we saw the same after the global financial crisis. Buyers who are less constrained by the mortgage market and negative sentiment around unemployment and the economy have been able to act on their desire for more space.”

Read more about the post-Covid prime revival.

September 25, 2020

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