Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Scottish cities best for selling house quickly

Scottish cities

Edinburgh is the best places in the UK when selling a property with an average of 45 days for a sale

Three Scottish cities have been identified as the best places in the UK to sell a home quickly.

Glasgow, Edinburgh and Dundee are the places to be in the UK when selling a property, according to the new research. But the quickest sale in the UK is in Edinburgh – with an average of 45 days over twice as fast as the UK average of 101 days.

Glasgow is close behind taking an average of 47 days for a sale.

And Dundee is third on the UK list with a 72 sale turnaround, according to the Online Mortgage Advisor research.

It comes as the likes of the Royal Institution of Chartered Surveyors (RICS) Residential Market Survey and property website Rightmove have found that instructions, prices and sales all continued to rise in Scotland during August, as pent up demand and a stamp duty holiday on some homes continue to influence the market.

The Online Mortgage Advisor research which examines house listings and rates of purchase suggests that Oxford is not the best place to be for a quick sale, taking an average of 152 days, the slowest in the UK.

This is followed by Slough where it typically take 148 days for a sale and Blackpool where it takes a leisurely 146 days to turn things around.

Online Mortgage Advisor spokesman said they thought Scotland’s success in the survey was partly because the Scottish housing market re-opened later than in England as coronavirus lockdown restrictions eased.

The market opened on June 18 in Scotland with England’s re-opening in mid-May.

The spokesman said: With the housing market steadily reopening, the UK’s property market has enjoyed a mini boom. It is suggested that the recent steadying of the housing market won’t last long, and the jury’s out on whether now is a good time to sell. So, does where you live affect how easily you’ll be able to move home while the beginning of 2020 was met with a complete shutdown of most sectors including the property market, it’s unsurprising it would experience a mini boom once it began to re-open.

The Scottish market opened later than in England, which partly explains Scotland’s position as quick sellers. We also believe Scottish cities are on the market for a shorter time due to the fact that they are marketed, in many ways, better than other areas of the UK. They are usually listed with more valuable information and are valued better, yielding faster selling rates in general, the spokesman said.

The research which was carried out between January and August also scoured Rightmove listings to find where the longest listed houses are located.

And it found that Sunderland is home to the property which has been on the market longest in the UK. The £159,950 two-bedroomed apartment has been available since July 2009, so has been available for over 11 years.

Online Mortgage Advisor added: Considering the best areas to sell a home, houses in Edinburgh sell the quickest. Homes in Scotland’s capital sell at a remarkable rate of just 45 days – 56 days quicker than the UK average. As the culture capital of Britain, it comes as no surprise that many people want to live in Glasgow. As the second quickest selling area, houses are listed for just 47 days on average.

Rightmove said earlier this week that demand for larger homes during the pandemic has driven asking prices for three and four-bedroom homes to a new high.

Buyers seeking extra space as coronavirus restrictions force people to spend more time at home have propelled the average asking price for “second stepper” homes to £291,618 this month, up 0.4 per cent from last month.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.