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Glasgow house sales fastest in UK

Sell My House Quickly in Glasgow

Sell My House Quickly found another interesting article about properties in Glasgow.

Homes in Glasgow have been selling within an average of 16 days – faster than any other UK city and down from 22 days this time last year.

Edinburgh is not far behind at 17 days, down from 19 for the same period of May 13 to August 13 in 2019, according to Zoopla’s monthly House Price Index.

But annual house price growth was greater in Edinburgh at 3% to £229,100. Glasgow recorded a rise of 2.3% while UK wide the increase was 2.5%.

Scotland-wide, homes are selling in 15 days compared with the UK average of 27. Zoopla put the speedier selling time down to the more recent release of pent up demand in Scotland and simpler buying process north of the border.

Monthly House Price Index

The analysis suggests properties UK-wide are selling 31% faster than the same period last year.

The housing market’s peak period appears to have been sustained into late summer by the three months of lockdown during which house hunters were unable to view properties and professionals to survey them.

Richard Donnell, research and insight director at Zoopla, said: “Housing market conditions remain unseasonably strong despite the UK moving into recession.

“While the economy has contracted sharply and unemployment is rising, consumer spending has rebounded and purchasing manager indices are pointing to a wider rebound in the economy.

“This is positive but the unwinding of the furlough scheme and other Government support is the next challenge that will test the strength of economic recovery.”

Donnell said he expects house prices to end 2020 between 2% and 3% higher than at the start of January.

The report highlighted strong demand for three-bedroom properties, which have been the quickest to be snapped up, with an average selling time of 24 days.

Iain McKenzie, chief executive officer of The Guild of Property Professionals, said: “The surge of activity in the market is exceptional. Since the housing market reopened, our members have been busier than ever with some saying they have never been as busy as they are now.”

We found this article on Insider.co.uk. Kindly click the link to read the full story.

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