Recent research from Post Office Money and property-tech provider, Gazeal, revealed that the fastest-selling properties in the UK are located in Edinburgh and Glasgow. According to the report, Edinburgh tops the board with properties spending just 39 days on the market. Glasgow was not far behind, moving property from ‘for sale’ to ‘sold’ in an average of 48 days.
The report, developed with the Centre for Economics and Business Research (Cebr), highlighted that the average period to sell a home in the UK’s 35 major cities has increased by one week from the previous year – rising from 96 days in 2017 to 102 days in 2018.
While property prices continue to be relatively affordable in both Edinburgh and Glasgow compared with the rest of the UK, both have also seen substantial population growth and therefore a rising demand for houses in these particular areas. According to the Governments most recent statistics, the average house price in City of Glasgow in September 2018 was £137,507, up 10.4% on the same period in 2017. The City of Edinburgh had an average house price of £264,747, also increasing from £245,796 (7.7%) from September 2017.
While Glasgow and Edinburgh took the shortest amount of time to sell their homes, on the other end of the spectrum, properties in London and Blackpool were reported to take the longest – taking on average 126 and 131 days respectively. Blackpool’s lengthy selling period might be of shock to some as Blackpool is the UK’s most affordable location for first-time buyers (average house price is £108,620). However, it has the oldest average population, and therefore, may not be benefiting from the rise in first-time buyer sales over the past few years.