Edinburgh Ranks Fastest-Moving Housing Market Across U.K.
Edinburgh has become the hottest property market in the U.K., with a home receiving an offer in an average of just 22 days on the market, according to a Zoopla report.
By comparison, it takes 47 days for a listing to find a buyer across the U.K., while a home in London specifically typically stays on the market for 54 days before it goes under offer.
Zoopla analyzed the top 50 biggest towns by number of listings on its site to identify the average days it took properties to sell.
The fastest-moving pace is indicative of a strong demand for Edinburgh, the capital city of Scotland. Rising demand coupled with the limited supply of housing stock on the market will generally translate into price increases, too.
In fact, the city’s luxury market outperformed other major cities across the U.K. in the third quarter, according to a Knight Frank report released late last week.
The average prime residential prices in Edinburgh, defined as the top 10% of the market, rose 10.5% year-over-year, the highest level of growth in any major U.K. city tracked by Knight Frank and far surpassing the national average of 0.1%.
Glasgow, the most populous city in Scotland was the second fastest-moving market in the U.K., with properties going under offer in an average of 27 days, according to Zoopla.
Cardiff, the capital city of Wales, was in the third place, with a home going under offer within an average of 32 days.
"Prospective buyers and sellers should find this info helpful as it will give them a good idea of where the homes are in demand," said Lawrence Hall, spokesman for Zoopla.
While London homes overall take longer to sell, some suburbs fared better than others. Bexley is the fastest-moving borough, with listings taking an average of 36 days to go under offer. It was followed by Barking and Dagenham, where homes sell within 37 days of going on the market, according to the report.
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