- Carluke, Scotland, boasts UK’s quickest property market, selling in 24 days
- Scotland dominates with nine of top ten fastest markets
- Swanage, England, has slowest market, taking 136 days
The fastest property market in the United Kingdom is Carluke, Lanarkshire, Scotland, where the average residence finds a buyer in just twenty-four days.
According to research by Rightmove, Scotland is home to nine of the ten fastest-moving property markets in the United Kingdom.
Local properties in Falkirk, located in the Central Lowlands, sell in an average of 26 days, which places them in close second place. In contrast, properties in the adjacent town of Larbert require 27 days on average to find a buyer.
In Scotland, Graham Crocket, area director for real estate firm Slater Hogg & Howison, remarked, “The market has demonstrated considerable promise, as evidenced by robust sales volumes and a substantial increase in listings for homes of all varieties.”
“At this time, inflation concerns have diminished to some degree, which has resulted in a resurgence of buyer confidence and prices comparable to those of 2022 and 2023.”
Conversely, Swanage, located in the southwestern region of England, has been identified as the area with the slowest property market in the United Kingdom, requiring an average of 136 days for vendors to find a buyer.
Other areas with sluggish markets included Brixham in Devon and St. Ives in Cornwall, both coastal destinations.
Properties in St. Ives remain on the market for an average of 129 days before finding a buyer, whereas in Brixham, this period is reduced to 119 days.
In the United Kingdom’s slowest markets, vendors’ situation may be significantly different than last year’s.
To illustrate, the average time required to sell a home in Swanage increased by 83 days compared to last year.
In the meantime, the selling process in Werrington, East England, has increased by 78 days in the past year, for 126 days.
When does one typically consider selling?
In a more comprehensive context, the average time it takes for a buyer to acquire a property in the United Kingdom is 71 days, which is the longest time at this time of year since 2019 (57 days last year).
Scotland continues to be the quickest market in the United Kingdom, with vendors typically finding a buyer within 43 days.
Wales surpasses London as the market with the slowest buyer acquisition rate this year, averaging 82 days to locate a buyer.
Tim Bannister, a property expert at Rightmove, stated, “As this spring brings more optimism for movers, it is crucial that sellers keep in mind that despite the busier market, it is taking longer to find the ideal buyer than it did at this time last year.”
“The regions where it is easiest to find a buyer remain predominantly in Scotland; on average, it takes only two days longer to find a buyer in Scotland than it did last year, whereas the average time in Great Britain is two weeks longer; this demonstrates the multi-speed market.”
“In order to price accurately for their local area, sellers eager to find a buyer as soon as possible this spring should collaborate closely with their local real estate agent.”
According to real estate agents, the market remains highly price-sensitive, and purchasers exercise considerable caution in their search for the ideal residence amidst an increased selection of properties.
Rob Southwell, area partner at Burchell Edwards estate agents in the Midlands, states, “After a turbulent 2023, consumer confidence has returned this year.”
‘Prices appear stable based on headline figures; however, some sellers have been compelled to reduce their prices to secure a transaction due to the volatility surrounding mortgage rates.
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“By making more tentative offers, more buyers are attempting to negotiate more aggressively than in the past, demonstrating that this is ultimately a buyers’ market.”
According to Russell Hill, a board of management associate at William H Brown in Norwich, the market is highly active due to the high volume of applications registered in January, surpassing last year.
“However, prices in Norwich and the East of England have decreased marginally annually.”
“We have discovered that sellers are eager to find their next residence, as there are significantly more properties entering the market than there were in 2023.”
