Homes in Glasgow take just 11 days on average to secure an offer, making it Britain’s fastest-moving city property market, according to Alto.
The property software provider analysed data drawn from more than 6,000 estate agency branches and found that homes across the UK typically spend 30 days on the market before a sale is agreed.
At the opposite end of the rankings, Wakefield properties require an average of 63 days – more than twice the national figure and almost six times as long as those in Glasgow.
London matches the UK average of 30 days and ranks 21st among the cities analysed.
CORRECT PRICING DRIVES SALES
Riccardo Iannucci-Dawson (maim picture, inset), CEO of Alto, says: “We sit on one of the UK’s biggest property datasets, and one number stood out: homes in Glasgow are typically agreed in just 11 days – the fastest anywhere in the country.
“The housing market is always fluctuating, and price points, stock levels, improving transport links, and chains all play a part – but what we’re consistently seeing in Glasgow this year is agents who know their patch inside out and price a home right from day one.
“Where a home is priced for what local buyers will actually pay, it moves; and where it’s priced for what the seller hoped for 18 months ago, it sits, with flats being the clearest example of what happens when that slips.
“Wherever you’re selling, the first fortnight on the market is the part that counts, so get the asking price right on day one rather than discounting your way there over three months.”
FLATS TAKE LONGER TO SELL
Terraced and semi-detached homes are the fastest-selling property types nationally, taking an average of 26 days to attract an agreed offer.
Detached homes require 41 days, while retirement and sheltered properties take 98 days and park and mobile homes average 96 days.
The time required to agree a sale on a flat has increased by 34% over the past year, from 29 to 39 days. Studios and one-bedroom homes have recorded a 31% rise, from 32 to 42 days.
Mark Adams, Managing Partner of G&S Properties in Glasgow, says: “In my opinion, the Glasgow market is strong due to a chronic undersupply of property at accessible price points and a surge in demand for both urban and rural living.
“If you are looking to sell, you should find a reputable, independent estate agent who will advise on setting an accurate, competitive asking price.”
FASTEST AND SLOWEST MARKETS
The 10 fastest-selling cities are Glasgow, Worcester, Belfast, Newcastle, Stoke-on-Trent, Cardiff, Portsmouth, Bradford, Sheffield and Manchester.
The slowest are Wakefield, Swansea, Peterborough, Nottingham, York, Lincoln, Chester, Cambridge, Wolverhampton and Leicester.
