Surge in demand for million-pound properties, reveals Rightmove study

One-million-pound plus houses are selling at a pace not seen since 2014 as wealthier buyers make moves to “bigger houses or new locations”, a major study has revealed.

The research, published by online marketplace Rightmove, tracked activity across all values of properties over the last 12 months.

According to the report, houses with an asking price of £1 million or more are now taking an average of just 53 days to find a buyer – 18 days faster than the 81 days recorded last year.

This trend is consistent across the whole spectrum of values, with average property selling times dropping by nine days from 59 days in August 2019 to 50 days in August 2020.

Million-pound properties are also “outperforming” the market as a whole for volume of sales agreed. According to the study, sales of houses worth more than £1 million rose by 105 per cent annually, compared to a 61 per cent increase across the whole market.

Commenting on the figures, Rightmove’s Director of Property Data, Tim Bannister, said buyers are “increasingly willing to part with huge sums of money to buy larger homes”.

“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,” he said.

“Unsurprisingly, the counties seeing the biggest annual rise for sales agreed of million-pound homes all benefit from beautiful coasts and countryside. Available stock in this price bracket is up around two per cent compared to this time last year, which is the first time since 2018 that there’s been an annual jump, meaning there’s a little bit more choice for this group of buyers. However, given the surge in demand it’s still likely they’ll find themselves up against a lot of competition when they’re putting in offers.”

For residential conveyancing support and advice, please get in touch with our expert team today.