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New Year, New Market and New Planning

 

New Year, New Market and New Planning – Considering 2018 Stats of Scotland’s Real Estate Industry

 

Properties in Edinburgh are hot cakes normally selling in just 25 days, new 2018 market research has revealed.

It’s the best place to sell your property in the United Kingdom, in accordance with the latest data by property site citylets edinburgh.

It’s 30 days quicker than the average across The United Kingdom, andit is not even half amount of time in London where properties usually take 55 days to sell.

Prospective buyers looking for a property in Northampton and Glasgow also have to work fast, with properties in all these areas usually going under offer in 28 days and 34 days correspondingly.

The top 5 fastest areas to sell a property also include Cardiff at 33 days and Birmingham at 35 days.

These are the average days to secure an offer with an average property value in different cities.

Fastest Moving Cities in Britain

 

Rank Town Average Days to Secure an Offer Average Property Value (Nov 2018)
1 Edinburgh 22 £287,865
2 Glasgow 27 £182,816
3 Cardiff 32 £238,241
4 Northampton 33 £258,583
5 Birmingham 33 £198,890
6 Bristol 34 £324,110
7 Nottingham 35 £200,687
8 Stoke-On-Trent 36 £148,326
9 Manchester 36 £187,838
10 Leicester 38 £226,951

 

Demand vs Supply

Properties are specifically in demand from customers opting to live there and improving their current property rather than shift to any new house. The Buildings and Land Transactions Taxes generally is one of the particular reasons for this because it is costlier than its English equivalent (SDLT) for properties over £423,500.

The information by the Institute of Fiscal Studies discovered that around 45% wouldn’t be able to purchase one of the least expensive properties in their region even in case they managed to save a 12 % down payment.

In 2018, more than 85% of 30 to 34-year-olds with a 10% down payment could have been able to buy a property in their own area if they loaned four-and-a-half times their net income.

People looking for a property in Glasgow and Northampton also need to work fast, with houses in most of these areas usually sell out in35 days respectively.

 

British Areas Ranked by Time Taken to Sell Out

 

Rank British Region Average Days to Sell Out Average Property Value (Nov 2018)
1 Scotland 38 £189,808
2 West Midlands 38 £228,877
3 East Midlands 40 £216,425
4 Yorkshire And the Humber 46 £177,668
5 South West England 47 £299,936
6 East of England 49 £354,918
7 North West England 49 £194,346
8 South East England 50 £405,874
9 London 54 £651,033
10 North East England 54 £189,071
11 Wales 55 £186,098

 

The typical period of time that it requires to sell a house in Edinburgh is 25 days, with a three-bedroom apartment in the town’s Mertoun presently on the market for £300k

Edinburgh- A Great City with Great Heart

All housing industry stats aside,one of the primary reasons behind Edinburgh’s real estate price spike is its reputation as a place to live. In Deutsche Bank’s 2018 worldwide standard of living market research, Edinburgh positioned 2nd in the world, just pipped to the outstanding place by New Zealand’s capital, Wellington.

We know that Edinburgh is not as powerful or as large as Greater London, but its small size can bring a lot due to its peace-living-nature.Many areas of this city are in easy reach, and citizens normally have the best traffic commute time than London or any other major city. So, in a nutshell, the preferences may come in the way, if you need a peaceful living and want to sell your property out fast, Edinburgh is no different.

 

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