Property in the UK takes an average of 114 days to sell, which is almost two weeks longer than the same time last year and some regions are taking considerably longer (the average selling time in Oxford currently stands at a lengthy 152 days).
However, it’s better news for homeowners in Scotland as we still have the fastest moving property market in the UK with Glasgow coming out top. It takes an average of 45 days to sell a home in Glasgow, 47 days in Edinburgh and 72 days in Dundee.
The study carried out by Post Office Money and developed by the Centre for Economics and Business Research (Cebr), shows that Scottish cities tend to see faster times to sell due our legal system whereas in England and Wales the current purchasing system can result in long delays. Here we exchange missives which makes a property transaction binding early on in the process. This process is unique to Scotland and means that property sales are less likely to fall through.
At present properties are taking around two weeks longer to sell compared to the same time last year, but this doesn’t indicate that interest in moving up the housing ladder is waning. Approximately 15% of homeowners are planning to move in the near future and there has been a rise in mortgage applications and approvals in the last twelve months.
Although there is political uncertainty at the moment with the impending Brexit deadline on October 31stand as a result several cities have seen a sharp fall in the amount of time properties spend on the market. However here in Scotland prices are still rising (albeit not at the same rate as last year) and we are also seeing strong demand especially in the West End and in outlying areas close to in-demand school catchment areas.