Homes of £1 million or more are taking over the property market

Homes of £1 million or more are taking over the property market

This trend had already occurred in 2014

According to Rightmove, sales activity in the £1m property market is rising as wealthier buyers prioritize space and leafier locations.

Homes of £1 million or more are selling 18 days faster than this time last year, the fastest pace since 2014.

“To think that these houses take longer to sell is a cliché.”

Paul Oberschneider, CEO of Hilltop Credit Partners, said: “A common conception is that homes in the million-plus-pound market take longer to find buyers than the general market because of their higher prices.”

“But the latest data from Rightmove shows that million-pound houses in the UK are outperforming the rest of the property market in terms of the number of agreed sales.”

“The hottest millionaire markets right now are Norfolk, Wiltshire, Cornwall, Henley, Hackney, Tooting, Stoke Newington, Balham, with wealthy buyers willing to part with huge sums of money to buy bigger houses.”

“A big reason for this market sentiment is the ongoing pandemic that is pushing many potential buyers to swap city apartments for larger homes with more living spaces and gardens.”

“With the government’s big push to work from home once again, many employees are also expected to spend fewer days in the office and maybe looking to relocate to a larger property with more outdoor space. The post-COVID market will have a greater focus on indoor and outdoor space, and wealthier buyers will be the first to move into larger homes.”

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