Process for home buyers is faster in Scotland than in London

Process for home buyers is faster in Scotland than in London

Latest figures suggest, Scotland has been replaced by London with regards to being the fastest place to find buyers.

According to reports by the property portal Rightmove, in 2014, on an average 36 days were required in London to secure a buyer, however it rose to 60 days in 2018. On the other hand, during the same period, the figures dropped from 66 to 41 days to secure a buyer in Scotland.

Owning to reports published by various surveys, the property market in the recent years has especially slowed down in London and in the South East of England, although house prices were increasing on an average, a significant drop was observed in London.

On the basis of Rightmove data, the time taken for marketing a home and for an estate agent to find a buyer was steadily rising in the region, which was coming to a 60 day average in London, since 2011.

“Whilst it would be easy to link that with the Brexit vote, there are other factors at play, especially increasingly stretched buyer affordability,” according to Miles Shipside, Rightmove’s housing market analyst.

The increasing amount taken by sellers of flats to find significant buyers in Wales and England has led to changes in taxation, thus resulting in a drop in the demand for buy-to-let investors.

Reports also draw attention to the Bank of Mum and Dad theory which has let first-time buyers to move into houses than flats. Additionally, the debate over leaseholds which is commonly observed among flats is also seen as a valid reason to explain the difference with Scotland.

As per a statement made by Kate Faulkner, a housing analyst and the managing director of Propertychecklists.co.uk, the sellers needed to prepare themselves for a swift sale of flats. Apart from being realistic about setting a price, Faulkner also suggested to consider keeping the property open to offers for a certain price, in addition to showing off space inside the flat.

“De-clutter and de-personalise as much as possible. Show off the space and give people a blank canvas to imagine living there,” she commented.

Furthermore, after the buyer has been secured and the legal process and checks for the mortgage lenders become stricter, which is resulting in delayed financial crisis and slowed down process due to greater regulations.