Scotland now has the highest sales rate in Britain

Waiting for your sign to sell? This is it...

As we emerge from lockdown and start to enjoy meals and visits to family, the housing market in Scotland continues to defy expectations. From the market closure to the sales boom, the housing market has been at fever-pitch since last summer.

The first six months of the year have been the busiest since 2000. According to Rightmove, this high buyer activity has resulted in the average price of homes coming to market in Scotland, England and Wales reaching record highs. For many buyers, the compromises they were previously making on location and living space, for reasons of commutability, seem unnecessary as we start to settle into a new post-lockdown life. 

Scotland’s property boom shows no sign of slowing with house prices continuing to climb faster than the rest of the UK. The record lows in available stock for sale means that if you list today, your property could be seen by far more buyers than usual. The lack of stock for sale also means buyers are very likely to find themselves competing for the same property. 

The top 10 UK towns where people were most likely to successfully sell their homes are all in Scotland…

Over the last 12 months, there has been an emerging pattern across the property market in Scotland as sellers have consistently managed to find a buyer and sell their homes quickly at a high price. This has been fuelled by the public’s changing priorities, a strong desire to move during the recent lockdowns and years of pent up demand. 

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Exceptional housing boom in Scotland, driven by buyer desire for space

The exceptional performance of Scotland’s housing market post lockdown has echoed the rest of the UK. The market here, like in England, is being driven by pent-up demand and changing buyer needs, with a renewed appetite for space and suburban living.

In July, the time it takes to sell in Scotland was the lowest of any region in Britain…  

On average, it takes just 24 days to sell a home north of the border compared to 37 days in North West England and 57 days in London. House prices are also climbing as a 3.4% increase in July saw average asking prices reach £171,902.

Are people moving back to Scotland’s cities?

There’s great news for landlords and investors across Scotland’s city centres thanks to a substantial rise in demand for rental homes in urban areas in the second quarter of 2021. According to Rightmove, 8 out of 10 of the UK’s largest city centres saw higher rents in June 2021 than in the same month in 2020. The demand has substantially reduced the average void period on lettings and revived the appeal of buy-to-let in many areas. 

As lockdown restrictions continue to loosen, more socialising is permitted, and more shops, pubs and restaurants reopen, this is a trend that is likely to continue. If you’re considering investing in rental property, looking at areas where students and young professionals will be returning could be lucrative. 

To find out more about how you can become a landlord and make the most of this opportunity, head to our blog. Here you’ll find a range of helpful resources on everything you need to know to get started. 

Final thought…

A final thought from Sharon Donaldson, Managing Director across Scotland and the North West of England:

"With the current sky-rocketing buyer activity, record-high prices and record lows in available stock for sale, there’s no doubt that now is a great time to sell. Is the current house price boom in Scotland sustainable? It's difficult to say. But one thing is clear - if you’ve been on the fence about moving, it’s worth at least finding out how much your home is now worth."

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Source - July 2021