Scotland has fastest house sales in Britain

‘A shift in buyer priorities’

HOMES in Scotland change hands quicker than anywhere else in the UK, with the average property selling in only two weeks.

The average time it took for sales to go through north of the Border following the reopening of the market in May dropped from 21 days last year to only 15 this year.

Glasgow led the way, with homes in the city having offers accepted in 16 days, compared with 17 days in Edinburgh.

The UK average for home sales is 27 days, a 31 per cent reduction on the 39 days it took over the same 90-day period between May and August in 2019.

Experts at house sales website Zoopla said this year’s reduction has been caused by increased demand due to a lack of properties on the market as a result of lockdown and the uncertainty that has followed.

Average house prices have also boomed, by 2.5 per cent compared with last year.

Richard Donnell, research and insight director for Zoopla, said: ‘Demand continues to outpace supply and support house price growth of 2.5 per cent per annum.

‘Buyer appetite has been widely attributed to pent-up demand resulting from lockdown, but it also reflects the impact on the nation as it collectively reassesses what it wants and needs from a home.

‘Quarantine has galvanised many homeowners and renters into reconsidering their housing requirements, resulting in demand for more space and changing work and commuting patterns.’

Three-bedroom houses remain the fastest-selling properties on the UK market, with an average time to sell of 24 days since the lockdown lifted.

However, four and five-bedroom houses are also selling quickly – 33 per cent faster than in 2019 – as buyers prioritise more space and widen their search criteria, such as moving away from the more expensive cities due to the ability to work from home.

Meanwhile, flats are taking the longest time to sell, at an average of 32 days. Mr Donnell said: ‘Houses are selling faster than flats as we see a shift in buyer priorities in the wake of the lockdown and movers prioritise more space.

‘The next important milestone for the housing market comes in September when schools reopen in England and the UK starts to get back towards a full reopening of the economy.’

The slowest region in the UK for house sales was the North-East of England, where it took 32 days for sellers to accept an offer, compared with 47 days last year.

House prices in Edinburgh grew at the highest rate in Scotland, with values rising by 3 per cent to an average of £229,100.

This outstrips the UK average rise of 2.5 per cent.

But the statistics show Glasgow is not far behind, with growth of 2.3 per cent.

According to Zoopla, the UK’s housing market is the strongest it has been for more than five years.

Experts are now predicting that house prices will continue to increase to the end of the year – by up to 3 per cent.