Hunting for a homebuyer? You have the best chance in a decade… here are the hottest spots to secure a sale with Scottish locations dominating
- Almost seven in 10 homes have found a buyer in the current market
- It is the highest rate during the past decade, according to Rightmove
- Scotland leads the way with 89% of vendors successfully finding a buyer
The likelihood of finding a buyer for your home is at its best point at any time in the past decade, new research suggests.
Nearly seven out of 10 homes for sale – 68 per cent – successfully found a buyer between June 2020 and June 2021, according to Rightmove.
It is up from 41 per cent in 2012, and the highest percentage in any year during the past 10 years, the property website says.
The data suggests that the market is particularly hot in Scotland, while London locations are lagging.
Between 2012 and early 2020, just over half – at 53 per cent – of homes typically found a buyer, according to Rightmove
The analysis of more than 13million property listings on Rightmove’s website tracked the journey of a property, from initially being put on the market through to being sold subject to contract.
Those sales that fell through and went on to secure a buyer again were only counted once as part of the analysis, the property website explained.
Between 2012 and early 2020, just over half – at 53 per cent – of homes typically found a buyer.
Rightmove said that the remaining 47 per cent were either withdrawn from sale or stayed on the market.
Scotland leads the way with 89 per cent of homes successfully finding a buyer, compared to 48 per cent in London.
Almost seven in 10 homes have found a buyer in the current market, according to Rightmove
The next best performing area is Yorkshire & the Humber, with nearly four in every five homes – at 77 per cent – selling.
Areas at the top of the list are all in Scotland, with 94 per cent of homes in Falkirk and East Dunbartonshire finding a buyer. It is followed by South Lanarkshire, with 93 per cent of vendors finding a buyer.
Outside of Scotland, the top three are Sheffield at 83 per cent, Craven at 81 per cent and Chorley at 81 per cent.
By contrast, the bottom end includes high-end markets of London such as Westminster at 22 per cent, Kensington & Chelsea at 25 per cent, and Camden at 28 per cent.
Tim Bannister, of 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 Britain is increasing.’
It comes amid a red hot property market, with Nationwide reporting this week that the average value of a home in Britain has risen by around £24,500 between July last year and the end of June this year.
The average cost of a home now stands at £244,229, it said. However, this is a drop from £245,432 in June, following the end of the stamp duty holiday.
Robert Gardner, Nationwide’s chief economist, said: ‘ Buyers had rushed to complete deals before the deadline, with the number of housing market transactions soaring to a record high of almost 200,000 in June, which is around twice the typical monthly number before the pandemic.’
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