Essex’s only city has been named as the hotspot area where million-pound homes are getting snapped up.
‘Millionaire movers’ are swapping places like London for more rural locations, including parts of our very own county like Chelmsford. Although it’s a city, Chelmsford has great transport links and is also surrounded by lucious countryside.
Analysis from property giants Rightmove compared the year before the pandemic with the year since the housing market re-opened, which shows that more people are opting for an Essex retreat.
READ MORE: Find out the latest property news in Essex
You may think London would be the prime hotspot for millionaires to spend their wonga on lavish properties – but it seems like fewer people are opting for a home in the capital.
London’s overall influence on the prime property market appears to have weakened slightly, with some people now able to work from home looking to move to spacious properties located away from the capital.
With more workers having some flexibility to move out of London, the South East of England recorded the biggest increase in the share of million-pound homes across Britain, rising from 26 per cent to 29 per cent.
Over the past year, million-pound homes in London have taken an average of 67 days to find a buyer. This compared with an average of 85 days before the pandemic.
Overall, London has shifted from being the fastest-selling region to the fifth position, behind Scotland, the East of England – which encompasses Essex – the South East and the East Midlands.
Around four in 10 (40 per cent) million-pound sales now take place in London, compared with nearly half (47 per cent) before the pandemic, Rightmove said.
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Instead, people are opting to find homes outside of London – including in Essex – which is a popular commuter county.
With good travel links to London, Essex is also home to many fast-moving hotspots; our only city in Essex, Chelmsford has ranked as joint sixth as the place that sells the fastest million-pound homes.
The city has ranked joint sixth alongside two Hertfordshire towns, St. Albans and Hertford.
On average, according to Rightmove data between July 2020 and June 2021, it takes 42 days to sell a million-pound property in Chelmsford – showing that the Essex area is incredibly sought after.
Additionally, the East of England has ranked second throughout the whole of the UK – showing that our region is incredibly popular.
Tim Bannister, Rightmove’s director of property data, said: “Prime sales growth has outperformed the wider market over the past year, as many people across Great Britain have chosen to take a step up the property ladder, potentially moving further out to afford a bigger property, or finally making the move to their forever home.
“Whilst London is still home to a significant portion of the prime market, some millionaire movers have turned their city commute into a rural route.
“These dynamics have helped push swathes of the UK’s property stock into the higher price brackets, and have led to a broader geographical spread of million-pound properties.”
(Image: Essex Live)
Here are the average number of days to find a buyer for a million-pound property across the UK
The data is from April 2019 to March 2020, followed by the average number of days between July 2020 and June 2021, according to Rightmove:
– Scotland, 86, 61
– East of England, 86, 63
– South East, 89, 65
– East Midlands, 97, 66
– London, 85, 67
– South West, 91, 70
– West Midlands, 95, 73
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– North East, 128, 79
– Yorkshire and the Humber, 94, 82
– North West, 108, 86
– Wales, 105, 93
Here are the fastest-moving local areas for million-pound properties outside London
The data is between July 2020 and June 2021, according to Rightmove, with the average number of days to find a buyer:
1. Thames Ditton, Surrey, South East, 26
2. Epsom, Surrey, South East, 33
3. Haywards Heath, West Sussex, South East, 37
4. Ashtead, Surrey, South East, 39
5. Berkhamsted, Hertfordshire, East of England, 40
=6. St Albans, Hertfordshire, East of England, 41
=6. Hertford, Hertfordshire, East of England, 41
=6. Chelmsford, Essex, East of England, 41
9. Hitchin, Hertfordshire, East of England, 42
10. Reigate, Surrey, South East, 43
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