How Many £1 Million Homes Actually Sell?
It surprises many people just how few £1 million homes actually sell. Just because a property carries a seven-figure price tag, it does not guarantee a successful move.
Nationally, across all property price bands, around 54 percent of homes sell and complete. Yet for homes priced over £1 million, the picture changes sharply.
Over the last two years, the highest success rate has been in Scotland, where 58.4 percent of £1 million homes successfully sold. This is partly due to the different legal system in Scotland, where transactions tend to be more certain once agreed.
After Scotland, the figures across the rest of the UK fall away. Northern Ireland stands at 43.5 percent, followed by Yorkshire & Humber at 40.3 percent, the North West at 39.4 percent, the South East at 38.8 percent, and the South West at 37.8 percent.
Further down the list, West Midlands comes in at 37.6 percent, East Midlands at 37.4 percent, North East at 36.6 percent, East Anglia at 36.5 percent, and finally Wales at 32.1 percent. The lowest success rate is seen in London, where just 31.8 percent of £1 million homes have sold in the last two years.
There are several reasons for these lower figures. Fewer buyers exist at this price level, and there is often limited comparable evidence to help price homes accurately. Some agents also lack experience in handling high end homes, which can lead to overpricing and missed opportunities. The higher the price, the fewer the buyers, and the more skill required to get the deal done.
I hope you found this insight into the Leicester property market useful. If you ever have any questions about the market, at any price point, feel free to drop me a message or give me a call.
