New data from Rightmove suggests that it is now faster to sell an Edinburgh home that it was half a decade ago.
Research carried out by the portal shows that Edinburgh is amongst the fastest-moving cities in the country, beating the average UK selling time by 29 days.
The Rightmove data revealed that the average selling time for a home in Edinburgh is just 36 days, compared to a UK average of 59 days. This is over three weeks quicker than sales in 2012, when the British average was 81 days.
Rightmove places Edinburgh in what it calls an ‘elite’ number of British cities where average selling times can go down to below 40 days. Edinburgh came third in this ‘elite group’, with just Bristol and Coventry having faster averages.
Bristol was found to have an average property selling time of 34 days, followed by Coventry on 35 days and Edinburgh close behind on 36. The research found that the average selling time in Glasgow was 37 days, while in Gloucester it was 39. Both Southampton and Portsmouth have a 40-day average, according to the data.
The selling boost is being attributed to a resurgence in the regional property markets in Britain over recent years, especially in cities where employment has driven growth because of companies setting up new regional hubs or consolidating existing facilities.
The Rightmove data found that the most successful of British cities were often those with universities, such as Edinburgh, with the ability to attract well-qualified workers as well as offer a good quality of life. This inevitably means an increased demand for property in the area.
The research reveals that only three UK cities have seen a slowdown in their property markets compared to 2012. These are Aberdeen, Oxford and Cambridge. These cities have been hit by affordability issues, while Aberdeen has also faced problems as a result of a worldwide slowdown in the oil industry.
The data was based on listings taken from between August 2016 and July 2017 and used the first listing date on the portal and the date when a property was marked as being sold subject to contract or under offer by the agent.
Coulters can help to ensure that your Edinburgh property sells as quickly as possible thanks to our unrivalled local knowledge, experience and personalised service. To find out more, get in touch with our friendly team today, call 0131 603 7333.