Homes worth £1m sell faster in Cambridge than anywhere else in the UK, less than half the time they take to sell in other places…
It may be experiencing a general property market slow down but when it comes to homes around the £1 million mark, properties in Cambridge sell twice as fast as the national average.
It takes around 99 days to sell a one-million-pound house – up five days on last year – but in Cambridge it takes half that time, just 45 days.
Indeed, when it comes to the million-pound property market, all of the fastest selling areas are outside London, according to recent analysis by property website Rightmove.
READ MORE: What £1 million buys you around the world
In joint second place are Edinburgh and Harpenden, taking 53 days, while in Bristol you can expect to sell your £1m house in 54 days. In fifth place is St Albans.
Rightmove’s housing market analyst Miles Shipside, says: “Hotspots like Cambridge have helped the East of England take over the mantle from London in recent years, with this region now selling million pound plus properties 12 days quicker than in the capital.
"The Scottish million-pound-plus market has also picked up as the increased activity in the overall housing market in Scotland is having a positive knock-on effect on the higher end, especially in cities like Edinburgh.”
What's driving the million-pound market?
It is thought the ever-growing number of London commuters moving to Cambridge tied with a diminishing stock of houses for sale, has pushed up house prices to the million-pound mark. However, it’s unlikely to stay this way for too long – in Bristol, where last year £1m houses sold at a very speedy 36 days, this year it’s taken owners quite a lot longer to sell their homes: 54 days.
Meanwhile, the area that has seen the biggest pickup in the million-pound market is Beaconsfield in Buckinghamshire, where this year they took 66 days to sell compared with last year when they took a huge 112 days.
In general, the higher the price of the property, the longer it takes to sell and Miles Shipside errs on the side of caution when selling properties in this price bracket.
Shipside said: “Those lucky enough to be selling a home worth a million or more should think carefully about what they can do to make their home stand out. Potential buyers will be wondering if they can afford not only to trade up to the next rung of the ladder, but also to stump up stamp duty fees of over £40,000 in England and even more in Scotland and Wales.
“They should also bear in mind that it could take some months to secure an offer so putting their home on the market now will prevent a mad rush to find a buyer when they find something that they have their heart set on.”
Here are five fantastic properties for sale in the top £1m property hotspots
Cambridge – 4-bed detached house, £1,000,000
This impeccable period property, just two miles from Cambridge’s city centre, comes with sash windows, solid cherry wood flooring and French doors opening onto the lovely and spacious rear garden.
Edinburgh – 5-bed townhouse, OIEO £1,100,000
Set across three floors and located on a crescent in Edinburgh’s affluent West End, is this grand home that features original parquet flooring, carved fireplaces and bannisters – even a cast iron balcony to the second floor.
Harpenden – 5-bed terraced house, OIEO £1,000,000
This huge house offers over 3000 sq ft of accommodation, including a cinema room, a guest bedroom suite and a terrace from the master bedroom with stunning views.
Bristol – 4-bed stone house, £1,000,000
A beautiful two-storey L-shaped barn conversion, Elwell Farm House is just four miles outside Bristol and comes with its own paddock.
St Albans – 4-bed detached house, £1,100,000
Situated at the end of a private road, this beams of this old house originally came from ships in old London Docklands. It is brimming with character inside too, and outside it is surrounded by countryside.
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