While the property in the UK is frequently referred to as in an exaggerated state of stagnation, it seems that in reality buyers aren’t being turned away by this and are instead buying at a surprising rate in many parts of the UK.
Especially quickly in Scotland, Edinburgh specifically, where properties selling on average in 27 days.
Research from Zoopla has shown that Scottish towns Edinburgh and Falkirk boast the most impressive figures, with properties put on the market lasting only 27 days before they go ‘under offer’. This is over twice as quickly as the national average.
Zoopla spokesperson Annabel Dixon said: ‘The key is to get your pricing correct, meaning the best way to sell your home quickly is to ask for its true value given the current market. Overpriced homes won’t shift and may have to be discounted and, on the flip side, nobody wants to sell for less than their property is worth.’
Scotland continues to show better signs than the rest of the UK, as Glasgow takes up third spot on the list, quickly followed by Stirling, taking 31 and 32 days respectively.
This is despite The Scotsman recently reporting that property activity in Scotland is at its slowest rate for 10 years. here was also good news for the Welsh capital with properties hitting the same mark in 37 days, still more than two weeks less than the national average.
The news isn’t so pleasing for many areas in England, such as Blackpool and London that take almost three times as long to go ‘under offer’ as Edinburgh, at 71 and 72 days respectively.
Peter Wetherell, whose agency focuses on property for sale in Mayfair, has seen the market develop over the past 30 years.
He said: ‘Despite these figures painting a drab picture for many areas of London, it is heavily swayed by prime central London, where increased prices for properties means potential buyers usually spend a lot longer considering their purchases and ensuring all areas are covered” says .
‘In the current property climate it is reassuring to see that many parts of the country are continuing to have a successful and profitable property market, and that the odd “warning” of Brexit hasn’t continued to mar the current property market.’
It could be far too quick to summise that the rate of sale is influenced too much by the price of property in the area. Ignoring the area of London which is it’s own property microcosm, price hasn’t influenced the rate of sale within certain areas.
The BBC has created a very informative interactive graphic to enable those interested to be aware of the top, bottom and average rental figures for almost every area across the UK.
The annual rate of growth almost doubled with house prices up 5% compared to a year earlier when house prices dropped.
The average home is valued at £236,619. Compared with 10 years ago, which was the trough in house prices amid the financial crisis, the typical UK property has risen in value by £81,956, the equivalent of a 4.3% average annual increase.
Yet, analysts still say the latest estimate from the Halifax should be treated with some scepticism.
Lucy Pendleton, founder director of estate agents James Pendleton, said: ‘One explanation for ricocheting growth figures like this is persistently low stock levels. In sought after areas, this can lead to demand being supercharged one minute and gone the next, with price rises coming in waves as brief competitions for limited numbers of homes come and go.’