Seymours

Activity in the million-pound plus market soars

Million-pound home sales are outpacing the market as wealthier buyers move to bigger houses or new locations, according to new data released by Rightmove.

Homes with a sales value of £1 million-plus are taking an average of 18 days faster to sell in 2020 compared to 2019, reducing the time on the market by 23% reveals the latest Rightmove statistics. The time to find a buyer has reduced for all, however, the whole of the market has seen a much smaller drop of only 9 days.

The analysis also found that million-pound homes are outperforming the rest of the market when it comes to sales agreed as well increasing by 105% annually for this price bracket compared to 61% for the market as a whole.

This highlights just how in-demand million-pound properties are in the current market, with buyers willing to part with huge sums of money to buy larger homes.

Lloyd Moss, Partner of our Seymours office in Horsell, which specialises in selling million-pound plus homes under the Seymours Prestige brand, said: “Our area, in particular, has seen a property’s time on the market reduce by over 33% comparing August – November 2020 with the same period over 2019. Houses in this price bracket have typically taken longer to find buyers than the wider market, however, since the market reopened in June we have seen a surge in demand from wealthier buyers less affected by the mortgage market and the negative economic sentiment, who are fortunate enough to be able to act on their desire for more space and a better quality of life.”

Stewart Palmer, Partner of our Godalming office, also specialising in high-end property sales added: “We have seen a similar trend in Godalming as buyers, who are financially secure and with housing wealth at their disposal, have been quick to act on their changing housing needs and priorities. Driven by a desire for more space a re-assessment of their work-life balance, and the expectation that they will work from home more often, they’ve led the surge in agreed sales seen in the recent months. This has fed demand for good quality family homes in our area which offer significant lifestyle benefits and are in striking distance of a mainline station.

 Under the Prestige brand, we offer a distinctive marketing strategy showcasing your property at its very best reaching buyers beyond our extensive network of branches and into London. With an aspirational approach, your property will be featured in a premium property video complete with a drone tour and bespoke brochure. If you prefer a more ‘discrete’ approach, we have a range of marketing techniques which take this into consideration. If you are considering selling or buying a premium home, contact our Prestige team today on 01483 228723 for a free consultation with one of our Seymours Directors.