Scottish city homes sell faster than the rest of the UK

Kirsty Mcluckie says shortages fuel speedy sales

Which is more important when you are selling a property, having a quick sale, a smooth sale or getting the most money?

Most of those trying to move would hope for all three – the misery of endless months of keeping your home in pristine condition is wearing, while continuing negotiations between solicitors on curtains and carpets, rights of way or queries on the home report can be equally soul-sapping even when you have found a keen buyer.

And while the Scottish offers over system does let a seller set a minimum price, we all dream of a closing date offer revelation beyond our wildest dreams – and some cannot afford to move unless their property achieves a certain amount.

In terms of time taken to sell from the property launching on the market to an acceptable offer being received it does seem that in our cities at least, Scotland’s sellers are doing better than the rest of Britain.

A report published earlier this month from Post Office Money and developed with the Centre for Economics and Business Research (Cebr), examines the average time a property takes to sell in more than 20 major cities across the UK.

The average UK property takes 96 days to sell but properties in Edinburgh and Glasgow sell fastest in the UK, at an average of 41 and 50 days.

Nationwide, the time it takes to sell a home is decreasing with properties in Edinburgh taking 25 per cent less time to sell since last year.

Owen Woodley, managing director of Post Office Money, says: “Against a backdrop of muted but steady increases in house prices across the country and sustained demand from the first-time buyers’ 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 as they are specifically looking to move to a new area or a bigger property.

“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 likely to wait out the current market until price growth returns more forcefully.”

The Edinburgh housing market has become increasingly competitive in recent years, and a lack of new buildings is responsible for the fall in time on market and increase in prices.

Woodley says: “City Rate of Sale data can be a useful indicator of momentum in a local market and buyers can use this insight to plan for their next move.”

Mark Hayward, chief executive, NAEA Propertymark says: “Selling a property is one of the most stressful things you can do, no matter whether you’re a first-time buyer, second or tenth-time buyer.

“Going through the process can feel like having a second job, and can be a real strain – especially if you’ve found your dream property.

“You should work with an estate agent you trust, get the property on the market at the right price as soon as you’re ready in order to maximise your chances of a stress-free and speedy sale.”