Homes for sale over a million pounds are taking longer to sell, Rightmove has revealed. It’s latest monthly index shows that properties within this price bracket now take up to 99 days or approximately three months to find a buyer, up from 94 days at the same time last year.
It also says that the higher up the property ladder you go, the slower properties are selling; homes for sale under £300,000 are taking just 58 days to find a buyer, on average.
The figures appear to reflect the jitters that economic uncertainty has brought to the prime end of the market, although Rightmove’s Market Analyst Miles Shipside (pictured, left) also blames recent tax increases, which mean a million-pound property buyer must now pay £40,000 in Stamp Duty.
But it’s not just about the super-rich in London stepping off the gas, as might be expected.
Five out of the 11 of the UK’s regions outside the capital saw million-pound homes taking longer to sell including Wales, the South East, South West, West Midlands, East Midlands and Yorkshire/The Humber.
The most shocking figures come from Wales, where the number of days to sell a prime property increased by 18% to 173 days or nearly five-and-a-half months.
But pockets of prime popularity remain. Cambridge is highlighted as the city where million-pound homes are selling the fastest, at 45 days, followed by Edinburgh, Harpenden, Bristol, St Albans, Winchester and Hackney in London.
“Cambridge is somewhat protected from the political and economic upheaval which has been felt across the rest of the UK,” says local agent Martin Walshe, Head of New Homes at Cheffins in Cambridge (pictured, right).
“Buyers are still a mix of job movers and London commuters [and] also those from the local market who continue to be incredibly active.”