Sales activity in the £1m+ property market is storming ahead according to Rightmove, as wealthier buyers prioritise space and leafier locations.
Houses over £1m are selling 18 days faster than this time last year – the fastest pace since 2014.
Paul Oberschneider, chief executive at Hilltop Credit Partners, said: “A common conception is that houses in the £1m+ market take longer to find buyers than the overall market because of their higher price points.
“But the latest data from Rightmove shows that UK’s million-pound homes are actually outperforming the rest of the property market in terms of the number of sales being agreed.
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“The hottest millionaire markets right now are Norfolk, Wiltshire, Cornwall, Henley, Hackney, Tooting, Stoke Newington, Balham with affluent buyers willing to part with huge sums of money to buy larger homes.
“A big reason for this market sentiment is the ongoing pandemic which is pushing many potential buyers to swap city apartments for bigger homes with more living spaces and gardens.
“With the government’s big push for work-from-home once again, many employees are also expected to spend fewer days in the office and may look to relocate to a bigger property with more outdoor space. The post-Covid market will have an increased focus on indoor and outdoor space and wealthier buyers will be the first to move to bigger homes.”
BY RYAN BEMBRIDGE
Source: Property Wire