Properties in Scottish cities sell faster than elsewhere in Britain
● Latest report shows Edinburgh market becoming more competitive
Properties in Edinburgh and Glasgow sell fastest of all major cities in the UK – at an average of 41 and 50 days respectively–a report has found.
Meanwhile, Scotland’s capital, along with Stoke on Trent, has seen the biggest fall in the time properties spend on the market compared to last year – despite the fact that they are opposite end soft he spectrum in terms of house price growth.
The latest City Rate of Sale report from Post Office Money and the Centre for Economics and Business Research ( CEBR), examined the average time a property takes to sell in more than 20 major cities across the UK.
The study said that the Edinburgh housing market had become “increasingly competitive” in recent years, claiming that a lack of new buildings is responsible for the fall in time on market and increase in prices.
Edinburgh, which saw t he time properties were up for sale plum met by a quarter compared to a year ago, has also seen prices rise by 10.4 per cent over the past year to £ 246,611, well above the 3.9 per cent growth for Scotland as a whole.
In Glasgow, where properties spent 15 per cent less time on the market than this time last year, the average property price was just £ 125,634.
Owen Woodley, managing director of Post Office Money, said: “Against a backdrop of muted but steady increases in house prices across the country and sustained demand from the first- time buyer market, these movements in time to sell reflect the changes in the number of properties listed for sale in cities across the UK.
“We know from previous research that first- time buyers are taking a flexible approach to finding an affordable home, most especially towards location. Second Steppers in contrast, have less flexibility.”
He added :“Therefore, on the whole across the UK, the number of houses on the market has fallen because those looking to trade up are struggling to find good properties at acceptable prices. This is likely to become a growing issue as buyers are more likely to wait out the current market until price growth returns more forcefully.”
House prices have risen in each of the cities analysed in the report over the last year, researchers found, with the average price of a home in the UK rising by 5 per cent in the year to August 2017. However, overall both house price growth and sales volumes have decelerated, suggesting the market has reached a “tipping point” where growth has left many areas unaffordable for the average buyer.
In London, where the average property price is £ 484,362, homes are staying on the market for 4 per cent longer.