Britain’s Hottest Market: Edinburgh and Beyond
It has been revealed that Britain’s hottest property market is in Edinburgh, with the housing market booming. Properties are in such demand in Edinburgh that homes are typically being snapped up in just 22 days on average, new research has revealed. This makes it the fastest place to sell a home in the entirety of Britain.
In fact, it is 25 days quicker than the average time across Britain and is less than half the amount of time it would take to sell in London. In London, the average length of time it takes to sell a property is 54 days.
Just under Edinburgh in the fasted selling areas are Glasgow (27 days) and Cardiff (32 days). The fastest place in England is Northampton which on average takes 33 days to sell. Therefore, buyers searching for homes in these areas will have to act fast with the homes selling in this time.
Why is this market desirable?
It would seem that Edinburgh and Glasgow are hot markets due to the lack of property which is available.
Edinburgh has less property for sale and therefore market demand is actually more than supply. As a result, prices are increased. However, the prices are still relatively low for a very major British city and many are opting to make a life in Scotland’s capital over the English capital, London. London is officially one of the slowest UK markets, selling a home will take you on average 54 days and the average values are the highest of any region at £651,033.
London’s fastest selling areas
Considering it is the slowest market, for those who need to be in England’s capital for work, it makes sense to provide insight into the areas in which houses do sell the quickest despite the overall London market being slow.
Bexley has been ranked the fasting selling London borough, with the average listing taking 36 days to go under offer. Furthermore, the average price in this area is £370,818 making it a lot cheaper than other London boroughs.
Followed closely in second is Barking and Dagenham at an average of 37 days. The average price for this area is £298,954.
An up and coming market: Newport
A surprising booming property market is in Newport, with the number of properties which are available for sale decreasing by a third over the past year or so.
So why has this year boomed as of recent? Well, the upcoming removal of the tolls on the bridges across the River Severn between England and Wales at the end of 2018 has ultimately led to an increase in buyers jumping at the opportunity to snap up a property in this Welsh city, Newport.
According to statistics provided by Rightmove, Newport estate agents are reporting lengthy buyer waiting lists and have demands led to a 37pc annual drop in available properties for sale. In addition, they are seeing a £12,000 uplift in the asking prices placed on the properties.
The time it takes to secure a buyer in Newport has fallen from a pretty devastating 76 days, to a promising 52 days – still no Edinburgh, but it is certainly on the rise nevertheless.
Local estate agents are claiming to be selling homes in Newport every single say, in some cases, within hours of the property going live on their sites.
Interestingly, the most popular people moving to Newport are Bristolians who can trade in their over-priced homes for a larger and nicer home for a better price. These people from Bristol are able to sell their small terraced house and snap up a four bed detached house in Newport for the same price, if not less.
If you find a home that you love and want to move into quickly due to the rising prices in the area, then this is great news. However, you may find that you simply do not have the time to wait for a mortgage to clear; perhaps you are starting a new job down in the city and need to clear the sale, bridge finance may be the best option for you. A bridging loan acts to ‘bridge the gap’ between you and the mortgage until it can be paid out. You can get in touch with us for a quote by calling us up on 0333 414 1491.