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Edinburgh named fastest city in UK for selling your home

Homes put on the market in Edinburgh sell faster on average than in any other city in the UK, according to a new study.

Figures show properties in the Capital spend an average of just 45 days on the housing market before being snapped up.

Edinburgh came just ahead of Glasgow, where the average home is bought 47 days after it is put up for sale.

The figures, released by Online Mortgage Advisor, also revealed the average price of a property in Edinburgh is £263,900.

That is more than £100,000 higher than the average price in Glasgow – at £135,000.

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Dundee, where the average home costs £128,600, was ranked third by the company. Sellers there can expect to wait 72 days on average.

Oxford meanwhile, where the average house will set you back £399,900, was ranked as the slowest city in the UK to sell your home.

Houses there were sold on average after 152 days – almost five months.

Online Mortgage Advisor said it calculated the average time taken for a property to sell in the UK by analysing The City Rate of Sale Report run by Post Office Money.

It used property listing dates on the website Rightmove to work out the length of time that houses in each location stayed on the housing market.

It comes after Nationwide bank has said that house prices have seen the highest monthly rise in more than 16 years as a result of the coronavirus crisis.

After suffering losses during May and June, house prices have recovered much quicker than expected, meaning they’ve now reached an all-time high.

By Conor Marlborough

Source: Edinburgh News