New research that offers an in-depth look at Britain’s fastest-selling property markets and reveals which British nation is outperforming the rest has just been released.
The UK property market has seen significant changes in recent years, with certain regions experiencing a huge surge in demand and rapid property sales as buyers’ requirements post-pandemic led them to look for more space in more rural and coastal locations as they worked from home more.
The latest research looking at Britain’s current fastest-selling property markets has identified a new trend…
Falkirk in Stirlingshire, Scotland leads the way as Britain’s fastest-selling property market, with homes selling in an average of just 22 days. The average asking price for a property in Falkirk is £148,736. It is likely, Falkirk’s strategic location, affordability and strong transport links make it an attractive option for investors.
Broxburn in West Lothian (Scotland) comes in as the second-fastest market, with properties finding a buyer in an average of 23 days. The average asking price in Broxburn is £201,648. The area’s quick sales could be attributed to its strong economy and accessibility.
Renfrew in Renfrewshire, also in Scotland, ranks as the third fastest, with properties selling within an average of 24 days. The average asking price in Renfrew is £149,970. While Uddingston in Glasgow takes the fourth spot, with properties selling in an average of 25 days. The average asking price in Uddingston is £198,229.
Clydebank in Dunbartonshire, with an average asking price of £124,584, completes the top five, with properties selling within an average of 25 days.
Larbert in Stirlingshire (25 days to sell), Clarkston in Glasgow (26 days), Hall Green in Birmingham (26 days), St. George in Bristol (26 days) and Walkley in Sheffield (27 days) make up the top ten.
In fact, Scotland dominates the list of locations where properties are being sold the quickest, with seven of the top ten areas located there. It is possible the country’s popular blind bidding style of selling where bids are sent to a solicitor within a set time period has a lot to do with the speed of the incoming offers. However, it is worth noting that these areas are all taking longer to find a buyer than they did a year ago (see table above). On average, it now takes 34 days to secure a buyer for a property in Scotland, compared to just 22 days in the previous year. Despite this increase in time, Scotland remains the fastest market in Great Britain, while London remains the slowest, with an average of 65 days to find a buyer.
In contrast, there are five areas where properties are taking longer to sell this year than last, with four of these locations (Ferndown in Dorset, Bodmin in Cornwall, Brixham in Devon and Heysham in Lancashire) being close or within easy driving distance of the coast. This may suggest a shift in housing demand away from coastal areas and towards more suburban and rural locations.
Meanwhile, the areas where properties are finding a buyer even more quickly than last year are in the commuter belts of major cities, including Windsor in Berkshire (average time to find a buyer 58 days, 7 days faster than last year), Knaphill in Surrey (average time to find a buyer 50 days, 6 days faster than last year) and Cowley in Oxfordshire (average time to find a buyer 68 days, 4 days faster than last year).
Across Great Britain, it is currently taking 55 days on average to find a buyer and a further 165 days to complete a sale, according to the research.
While properties are now taking longer to secure a buyer compared to the busy market of this time last year, when it took an average of 33 days, the market is still quicker than the pre-pandemic era of March 2019 when it took an average of 67 days to find a buyer.
Terraced houses are currently finding buyers fastest at 48 days, while detached houses are taking the longest to sell at 65 days.
Tim Bannister, property expert at Rightmove, which conducted the research, said: “The current market conditions will suit more measured movers, who were perhaps put off by the frenetic market conditions of this time last year, when the average time to find a buyer was near a record low. Despite what will feel like calmer conditions, the market is still moving more quickly than before the pandemic started. This latest data reflects current buyer behaviours, with more buyers returning to cities and within commuting distance of an office and the speed of the market easing near the coast, which had seen some of the most frantic levels of activity during the pandemic.”
