17 Nov 2017

Revealed: The two Scottish cities where property sells the quickest

Revealed: The two Scottish cities where property sells the quickest

Scotland has the two top major cities in the UK for owners to be able to sell their home quickly.

A new report says properties in Edinburgh find a new owner in an average of 41 days, while the figure for Glasgow is 50 days.

Bottom of the table are Liverpool (112 days) and Belfast (119 days), while homes in London are also typically taking longer to sell than the average - at 111 days.

Post Office Money has just released the outcome of a study by the Centre for Economics and Business Research into average selling times across the UK.

The findings backs up continued reports from solicitor estate agents in Edinburgh and Glasgow of strong activity in their local markets.

It emerged recently that two-bedroom flats in Edinburgh's New Town and West End have shot up in value by an average of over £80,000 in the last year - more than £6,000 a month.

These properties soared to a typical price of £410,122 in the quarter between August and October - a year-on-year jump of 24.7%.

ESPC figures show properties in several areas of Edinburgh experiencing big increases of more than 10%.

East Central Scotland's average price is now £233,748 - up 6.1% year-on-year - while the Edinburgh average is ahead 6.8% to £251,727. Edinburgh City Centre's rise was 7.5% to £305,537.

Meanwhile, the average selling price of two-bedroom flats in Glasgow’s East End have jumped by almost 20% - or more than £15,000 - in the last year.

GSPC said in its latest quarterly house-price report that the area is the latest first-time owner 'hot spot'.

Two-bedroom flats in Glasgow’s East End were sold for an average of £93,435 during July to September - 19.4% ahead of the £78,235 achieved in the same three-month period in 2016.

This rise in value was in contrast to a more modest 3.2% increase in average selling prices to £139,736 in Glasgow, while west central Scotland recorded a rise of 5.9% to £142,607.

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