Homes in Scottish cities selling fastest in UK

Homes in Edinburgh and Glasgow are selling faster than in any other UK city.

Properties in Glasgow took an average of just 16 days to sell between May and August, according to a report from property website Zoopla - down from 22 days one year ago. Meanwhile in Edinburgh, they are selling in just 17 days.

Overall, the study said, the housing market is performing at its strongest for five years, with the volume of sales agreed per agent up 76 per cent on the five year average - and no sign of immediate deterioration in price growth, despite economic threats posed by the recession.

The report found that three bed houses are selling fastest, while time to sell for four and five bed houses has fallen by a third as buyers prioritise more space. Houses are selling faster than flats, suggesting that bigger living space and outdoor areas are becoming more important to householders, who were forced to spend more time at home during lockdown.

The report said that Edinburgh’s house price growth level - of three per cent annually, to £229,100 - is the fifth highest of any city in the UK, indicating a gap between buyer demand and supply of homes. It said that Glasgow’s house price growth level of 2.3 per cent is also “particularly robust”.

Richard Donnell, research and insight director at Zoopla, said: “Homes in Scotland always sell faster than the rest of the country as they are marketed with more information and a valuation. Across the rest of the UK homes are marketed with less information which makes for longer sales periods. The additional speed of sale is down to the market in Scotland reopening later than in England so pent-up demand has driven faster sales periods.”

He added: “Housing market conditions remain unseasonably strong despite the UK moving into recession. Demand continues to outpace supply and support house price growth of 2.5 per cent per annum. Meanwhile, 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.

“More homes being listed for sale in areas with wealthier demographics goes some way to explain the strength of the housing market at a time of recession and rising unemployment. With half of all homeowners having no mortgage and a large portion of the remainder having considerable equity in their homes, the constraints of affordability and mortgage availability are not spread equally across buyers and sellers.”

Zoopla said that market conditions are expected to remain stronger than last year for the rest of 2020 with house prices up two to three per cent by the year end.

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