With million pound homes on the rise in the UK, online estate agent Tepilo reveals in which locations they are selling the fastest.
With house prices steadily rising, it’s no surprise that we are seeing more homes go for a million pound or more.
As we’ve seen recently, the number of million pound house sales has risen, even reaching a record high in 2017. Throughout the UK, these lavish properties are seeing a stronger performance in sales. But where are they selling the fastest?
Cambridge dominates the million pound-plus market
New analysis from property website Rightmove has revealed that Cambridge is home to Britain’s fastest-selling million pound homes, with properties on the market for £1 million or more selling twice as fast as the national average.
In fact, the national average time for buyers to agree to a sale in this price bracket is 99 days – up from 94 days in 2017 – while in Cambridge it’s only 45 days. This is even quicker than homes worth £300,000 or under, with these properties selling in an average of 58 days.
This news comes at a time where the average house price in Cambridge has reached an all-time high of £461,890, working out at just £20,000 behind the average property in London (£482,000), according to research released in March this year.
With a population of around 129,000, the city – famed for its university, punting and new-found reputation as a tech and digital hub - also saw the fastest increase (16.4%) in the average property price of any local authority in the country, according to the ONS House Price data for 2017.
Where are the other contenders?
Interestingly, the rest of the top five fastest-selling million pound locations are all situated outside of London. Edinburgh and Harpenden in Hertfordshire finished in joint second place, with million pound homes taking 53 days on average to be purchased. This was closely followed by Bristol and St Albans, where it took 54 and 60 days respectively for homes to be sold.
In the East of England, meanwhile, it took 87 days for a property priced over £1 million to secure a buyer, while in Scotland it took an average of 84 days – 19 days faster than the previous year.
Scotland wasn’t the only location to see a faster selling time, however. Overall, four out of 11 regions have seen the time it takes to secure a buyer speed up, with the East Midlands, North East and North West selling quicker than a year ago. However, things sped up the most in Beaconsfield, Buckinghamshire, with homes taking only 66 days to secure a buyer.
What’s more, eight of the top 10 fastest hotspots are also selling million pound homes more quickly than in 2017. Homes in Brixton are being sold 24 days faster, while homes in Edinburgh are selling 23 days faster than last year.
How to add more value to your home
While the above is good news for high-end sellers targeting buyers with a spare £1 million lying around, most sellers won’t be operating in that elite marketplace. If you are aiming your home towards second, third or fourth steppers, or first-time buyers, with slightly more normal budgets, you will still be keen to add value to your home where you can, particularly if you’re in a location where properties sell fast.
Effective ways of adding value to your home could include adding a loft conversion, building an extension, adding a conservatory, creating off-street parking and transforming your kitchen and bathroom. While these are likely to be major investments (with sizeable costs attached), they could be paid back with interest when you sell, as these features can help to boost the appeal of your home significantly.
There are, too, other, simpler ways of adding value to your home in a quicker manner – such as making use of garden space, converting your spare room into a bedroom and giving walls a fresh lick of paint. While most of us can only dream of selling a home for over £1 million, considerable value can be added in a number of ways – and, with house prices continuing to rise rapidly across the country, it’s likely that at some point in the future homes selling for a million pound or more will start to become less of a novelty.
The locations where £1 million-plus homes sell the fastest were as follows:
1. Cambridge – 45 days
2. Edinburgh – 53 days
3. Harpenden – 53 days
4. Bristol – 54 days
5. St Albans – 60 days
6. Winchester – 60 days
7. Hackney – 62 days
8. Golders Green – 64 days
9. Woking – 64 days
10. Brixton – 65 days