According to BBC News, Scotland has replaced London as the fastest place for a residential property seller to find a buyer for their home, figures suggest.
In 2014, it took 36 days in London on average to secure a buyer, but this rose to 60 days in 2018 according to one of the biggest property portals in the UK, Rightmove.
In stark contrast, the average time to secure a buyer fell from 66 days to 41 days over the same period in Scotland.
The research, compiled for the BBC, show that the market for flats has slowed amid debate over leasehold rules. Which has further complicated the marketplace in London’s boroughs.
‘Not just Brexit’
Various surveys have shown that the property market has slowed in London and the South East of England in recent years, with prices falling particularly in London.
House prices on average across the UK are still rising slightly, but there has been a significant drop in London.
The latest figures, based on Rightmove data, show that the time taken between initially marketing a home and an estate agent finding a buyer has been rising in the region, returning to the 60-day average in London last seen in 2011, in the amidst of the resurgence of the UK property market following the catastrophic collapse in 2008.
Rightmove’s housing market analyst, Miles Shipside commented ”Whilst it would be easy to link that with the Brexit vote, there are other factors at play, especially increasingly stretched buyer affordability”
Interesting times for the Scottish residential sales market, particularly as we edge towards the circus that is Brexit and the potential withdrawal from the European Union on 31st October 2019.
Chalmers Properties are a Letting Agent & Property Management company based in Glasgow. Our ethos is to provide a customer based, property driven letting and management service. We are based in Glasgow’s city centre on West Nile Street, next door to The Post Office and would welcome you to pop into our offices for a chat and coffee in relation to the marketplace.