Where are the hottest millionaire markets?

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Homes with a price tag of £1m-plus are among some of the most in-demand properties on the market right now.

Things don’t usually move too rapidly in the millionaire market, but these homes are now finding buyers 18 days faster than a year ago.

Our data analysts have revealed that the increased activity is down to wealthier buyers looking to snap up bigger houses, with more outdoor space, in the country.

And it’s the millionaire markets in Norfolk, Wiltshire and Cornwall that are hottest right now. As we’ll go on to explain, it appears that stunning coastlines and beautiful countryside are big pulls for this group of buyers.

The number of sales being agreed by agents in these counties, compared with last year, are up by 244%, 174% and 165% respectively.

And million pound homes are actually outpacing the wider market in terms of how long it takes to find a buyer.

Like we said above, £1m-plus homes are finding buyers almost three weeks faster than a year ago, but across the whole market, homes are finding buyers just nine days quicker than a year ago.

At a local level, as you can see below, Hackney is where £1m-plus homes are finding buyers quickest (23 days), and outside London, Cambridge is the current millionaire hotspot (40 days).

Where are million pound homes finding buyers fastest?

How popular are million pound homes where you live?

What do the experts say?

Our resident property data expert Tim Bannister explained that million pound homes are currently finding buyers quicker than at any point in the last six years.

He said: “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.

“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 2% 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.”

What are estate agents seeing?

Lucian Cook, head of residential research at Savills, said: “The amount of housing wealth at their disposal and relative security of their household finances mean £1million-plus buyers have been quick to act on their changing housing needs and priorities.

“Driven by a re-assessment of their work-life balance, desire for more space and the expectation that they will work from home more often, they’ve led the surge in agreed sales seen since the market reopened.

“This has fed demand for good quality family homes along London’s established wealth corridors and, more noticeably, in towns such as Guildford, Winchester and St Albans, villages within striking distance of a main line station and lifestyle relocation markets such as Devon, Suffolk and north Yorkshire.”

Tom Bill, head of UK residential research at Knight Frank, added: “Demand in higher price brackets is more responsive to external events and we saw the same after the global financial crisis.

“Buyers who are less constrained by the mortgage market and negative sentiment around unemployment and the economy have been able to act on their desire for more space.”