With taxes, stamp duty, uncertain buyers and agency fees, it can be difficult to sell your home, especially when it falls into the price bracket of £1 million or more.
A recent report by Rightmove has revealed the top places in the UK for shifting homes quickly on the market for £1 million.
The Office of National Statistics reported that the average selling price of a home in the UK is £224,000, a much lower amount than those with a £1 million asking price.
These homes sell in an average of two months, but unsurprisingly those with four times the asking price can take a lot more time.
According to the study, the average time it takes in the UK to sell a home costing £1 million or more is 99 days. But many areas offer a much smaller time frame.
Cambridge came out on top, with home owners in the university city facing less upheaval than anywhere in the UK when it came to selling their home.
The picturesque city’s selling time is significantly lower than the national average, taking less than half the time to sell a £1 million home at just 45 days.
Following behind Cambridge as one of the fastest places to shift a £1 million or more property are Edinburgh and Harpenden in Hertfordshire.
In the Scottish capital, these homes take and estimated 53 days to sell, which is up from 76 days in 2017, showing the city’s booming property market.
Also enjoying a prospering market is Harpenden, which also takes an estimated 53 days to sell one of these properties, two weeks faster than 2017.
Talking of these particularly speedy selling prices, Miles Shipside, a housing market analyst at Rightmove, said: “Hotspots like Cambridge have helped the east of England take over the mantle from London in recent years.
“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.”
Moving west, Bristol took fourth position in the rankings at just 54 days to sell a property of huge value, with St Albans and Winchester coming closely behind at an average of 60 days.
The London property market then makes its emergence on the report, where sky-high prices, huge fees and a drop in buying demand has led to a market that has been struggling in recent years.
The capital could also see interest rates rise again this year, off-putting to potential London buyers.
One of London’s trendiest boroughs, Hackney was seventh on the list, taking 62 days to shift a £1 million property. Due to London’s high prices, even small flats can fetch £1 million in the London borough.
Other London hotspots for selling a £1 million or more home include Golder’s Green and Brixton, taking 64 and 64 days, respectively.
Sliding in before Brixton, Woking in Surrey had £1 million homeowners selling up in an average of 65 days, a giant improvement from 2017 where the average time was 89 days.
Region-by-region, the East of England is the best area for selling a £1 million or more home, taking an average of 87 days.
On the other hand, these homes take the longest to sell in Wales, typically having a listing time of around 173 days.
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