Nearly seven in 10 homes (68%) across Great Britain have found a buyer in the current market, the highest percentage recorded over the past 10 years, according to Rightmove.
The analysis of over 13 million listings tracked the journey of a property going up for sale to being marked sold subject to contract; sales that fell through and went on to secure a buyer again were only counted once.
Looking between 2012 and early 2020, 53% of homes found a buyer on average, with the other 47% either being withdrawn from sale or staying on the market.
To find out more about how we can assist you with your Mortgage requirements, please click here to get in touch
Scotland has the highest sales rate in Great Britain at 89%, while London saw the lowest with just under half (48%) of homes being sold.
The top 10 places where people were most likely to successfully sell their home are all in Scotland, with the top three being Falkirk (94%), East Dunbartonshire (94%) and South Lanarkshire (93%)
Outside of Scotland the top three are Sheffield (83%), Craven (81%) and Chorley (81%), while the areas with the lowest sales rate are Westminster (22%), Kensington & Chelsea (25%), and Camden (28%)
Discover our Residential Mortgage Broker services.
Tim Bannister, director of property data at Rightmove, said: “There’s been a much greater chance of a seller finding a buyer over the past year, which really highlights the sheer number of people who have been determined to move.
“While the long-term average shows that typically around half of properties sell, the increase in 2021 reflects the frenzied buyer activity we’ve seen in the current market, driven by multiple factors such as pent up demand and changing priorities.
“This efficiency in the market means agents are operating on limited stock, and they need more homes to satisfy all types of buyers.
“We’ve seen from previous research that Scotland often contains the most likely areas to find a buyer, and London the least, however the broader numbers are reflective of the trend we’ve been seeing all year, which is that buyers have widened their scope, and the popularity of every area in Great Britain is increasing.”
By Jake Carter
Source: Mortgage Introducer
Discover our Mortgage Broker services.