Homes in parts of Scotland are more than five times as likely to find a buyer within three months as properties in some London markets, according to Zoopla.
Analysis of homes listed between April and June found 85.5% of properties in Motherwell secured a buyer within three months.
That compares with just 16.2% in north-west London, highlighting the increasingly different conditions facing sellers across the UK.
Glasgow and Edinburgh were also among the strongest markets, with 83.1% and 77.9% of homes respectively finding buyers within three months.
NORTH-SOUTH DIVIDE
Outside Scotland, Newcastle recorded a rate of 55%, followed by Liverpool at 54% and Romford at 47%.
Conditions were considerably tougher across London, with 24% of properties in south-west London finding a buyer within three months, falling to 18.6% in west London and 16.2% in north-west London.
Zoopla attributes some of Scotland’s stronger performance to greater affordability and its Home Report system, which provides buyers with a valuation and survey before purchasing.
The portal says higher property values in London and southern England leave buyers more exposed to mortgage costs, while stamp duty increases the cost of moving.
PRICING BECOMES CRITICAL
The research also reveals significant changes in individual markets over the past year.
Glasgow recorded an 8.5 percentage point increase in the proportion of properties finding buyers within three months, while Preston was up 8.2 percentage points and Motherwell rose 5.2 points.
Telford recorded the largest fall among the locations highlighted by Zoopla, dropping 11.5 percentage points. Halifax fell 10.3 points, Falkirk 10.1 points, Watford 8.6 points and St Albans 7.9 points.
Zoopla also found properties requiring a price reduction were around half as likely to find a buyer within three months as those which did not.
Richard Donnell (main picture, inset), Executive Director at Zoopla, says: “With more homes for sale, buyers have greater choice and sellers need to be realistic about their asking price.
“One of the biggest mistakes homeowners make is pricing their property based on what they need to buy their next home, rather than what buyers are prepared to pay.
“Our analysis shows that homes requiring a price reduction are around half as likely to find a buyer within three months as those that don’t.”
