Luxury homes in Cambridge are selling faster than anywhere else in the U.K., according to a report Thursday from Rightmove.
Homes priced at £1 million (US$1.34 million) or more in the city have been taking an average of just 45 days to sell this year, twice as fast as the national average of 99 days. But that’s a one-day increase compared to the average of 44 days big-ticket homes took to sell in Cambridge last year, the online property portal said.
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"We’ve seen demand grow to unprecedented levels in Cambridge," said Martin Walshe, head of new homes at Cheffins in Cambridge, in the report, "which has pushed up values and sped up sales across all price brackets, especially with the city’s historically low housing supply."
Tied for second for selling speed is the Scottish capital Edinburgh, and Harpenden, a town in Hertfordshire, England. In both, a luxury sale takes an average of 53 days, according to the report.
The city of Bristol ranked third, where properties priced £1 million and up take an average of 54 days to change hands.
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On a regional level, big-ticket properties are selling fastest in the East of England, taking an average of 87 days to secure a buyer, followed by 98 days in the South East.
"Hot spots like Cambridge have helped the East of England take over the mantle from London in recent years, with this region now selling million-pound-plus properties 12 days quicker than in the capital," said Miles Shipside, Rightmove’s housing market analyst.
"The Scottish million-pound-plus market has also picked up as the increased activity in the overall housing market in Scotland is having a positive knock on effect on the higher end, especially in cities like Edinburgh," Mr. Shipside added.