- UK home sales north of £1 million (or $1.3 million) were double what they were in 2019, according to a new Bloomberg report, citing property website Rightmove.
- Wealthy buyers are flooding the market on a mission for more space amid the pandemic, and 10 UK markets in particular saw the biggest increases in sales.
- Areas in the countryside are experiencing the highest demand, with Norfolk and Wiltshire seeing 244% and 174% spikes in sales, respectively.
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While the pandemic continues to drive volatility in the luxury real estate market across the US, some neighborhoods in the UK are feeling a different effect.
In August, UK home sales north of £1 million (or $1.3 million) were double what they were in 2019, with wealthy buyers flooding the market on a mission for more space amid the pandemic, according to a new Bloomberg report.
And million-pound homebuyers are moving quickly, too, with buyers finding properties an average of 18 days faster than they did in 2019, according to Bloomberg and property website Rightmove. Wealthy buyers outperformed buyers in less expensive price brackets as well, where property sales increased by only 61% compared to the million-pound-plus category shooting up 105% year-over-year.
That said, expensive homes in some neighborhoods are moving faster than others, and areas outside London experiencing the highest demand, with the high end of Norfolk and Wiltshire seeing 244% and 174% spikes in sales, respectively.
Here are the 10 British neighborhoods that have experienced the highest increase in luxury demand in 2020.