According to the latest figures from Zoopla, Edinburgh and Glasgow are the UK’s fastest moving property markets. Sellers are accepting offers in just 22 days in the Scottish capital and only 27 days in Glasgow. Compare this to the national average of 47 days and it’s clear that demand in these Scottish cities is still higher than ever.
Scotland as a whole has shown an average selling time of 32 days which could be an indication of the cooling property market in the south of the country. Zoopla analysed the 50 biggest towns in the UK number of listings to identify the average length of time it took properties listed for sale to go under offer.
In third place was Cardiff, with selling accepting offers within just 32 days, while Wales is the slowest region, taking 55 days on average for a property to be sold, followed by North East England and London with a relatively slow 54 days.
Lack of demand
It appears that Edinburgh and Glasgow are the fastest selling markets due to a lack of properties available, meaning there is a scramble for homes as soon as they come to market. We have seen this time and again in the West End, with many disappointed buyers waiting for their ideal home to come onto the market.
Both Glasgow and Edinburgh have less property for sale making demand much higher than supply, which is not only driving prices up but pushing down the average time it takes to sell a property.
There are also a number of buyers from other regions investing in the Scottish housing market as they are attracted by the relatively lower house prices, with average values at £189,808 in Scotland, £228,877 in the West Midlands and £216,425 in the East Midlands.
In comparison, London is one of the slowest markets with an average of 54 days and very high property values.
These findings come as separate research has revealed that even the cheapest homes are out of reach for 40% of young adults with a 10% deposit. In 1996, over 90% of young adults with a 10% per cent deposit would have been able to purchase a house in their area using the same wage multiple as required by lenders today.
Vanilla Square – highly personal sales and lettings! Whether selling or letting property, you will always be liaising with one of our business partners, which makes our service that much more responsible and approachable. When you instruct us, your property will reach a wider audience as we are one of the few agents who are present on all the major property portals to offer sellers and landlords maximum exposure. If you’re looking to buy, sell, rent or lease your property, or you’re simply considering the idea, contact us by calling 0141 229 0210 or pop into our new office at 711 Great Western Road. One of our partners will be delighted to help and provide you with impartial, expert advice.