The fastest and slowest property markets have been revealed by Rightmove, showing just how different the experiences of sellers in Britain can be.
The fastest property market is Carluke in Scotland, where it takes an average of just 15 days to find a buyer.
On the other end of the spectrum, home sellers in some areas are finding that they have to wait an average of more than 100 days before they are listed.
According to data from Rightmove, the property market in Scotland as a whole is red hot at the moment.
In Britain it currently takes an average of 60 days to find a buyer
The average time to find a buyer in Scotland is now 33 days.
Meanwhile, the East Midlands is the slowest market, taking an average of 67 days for a house to be listed.
Most of the slowest UK markets are on the coast, a hangover from the pandemic property boom.
Many coastal areas have fared particularly well during the pandemic as people rushed to move to more rural areas with locations along the coast, including Scotland, Cornwall, Wales, Devon and Northumberland.
However, a reversal of this trend has resulted in a glut of homes now for sale in coastal areas, and there are not enough buyers willing to purchase them.
According to Rightmove, nine out of 10 markets outside London that are slowest to find a buyer are coastal cities.
Property in the Devon coastal town of Brixham takes an average of 118 days to find a buyer. It was in the spotlight earlier this year after water pollution hit supplies.
In Skegness, Lincolnshire, sellers have to wait an average of 115 days and in Sandown on the Isle of Wight 109 days.
Falling in love with the seaside: Nine out of ten markets slowest to find a buyer are seaside towns, including Brixham in Devon and Minehead in Somerset
It’s no surprise that most of Britain’s fastest property markets are in Scotland.
Rightmove says all ten of the fastest locations to find a buyer are in Scotland, and all current hotspots are selling faster than a year ago.
Sellers in Carluke in Lanarkshire and Giffnock in Glasgow have to wait on average just over two weeks before their house is sold.
Douglas Nicol, director at Nicol Estate Agents in Giffnock, said: ‘The local market in Giffnock remains vibrant, with demand often exceeding supply.
‘So when properties come on the market, we notice that they sell out very quickly.
‘Giffnock is one of Glasgow’s most popular suburbs, with excellent local amenities, transport links and some of the best performing schools in Scotland.’
Outside Scotland, the East Bristol suburb of Whitehall is the fastest property market, with sellers waiting an average of 25 days to find a buyer.
Bristol’s suburbs are clearly in high demand at the moment. In total, free districts make up the top three fastest-moving property markets outside Scotland. The other two are Downend and St.George.
The Manchester suburb of Moston also seems to be super hot at the moment, with houses selling within 26 days on average. That is 16 days faster than last year.
London: the capital of extremes
Central London locations such as Knightsbridge, Chelsea and Victoria are the slowest London markets to find a buyer this year, according to Rightmove.
A seller in the posh Knightsbridge area, where the average asking price is more than £4 million, waits an average of 135 days.
The Knightsbridge property market is sluggish at the best of times, but the market is still 24 days slower on average than last year.
The London areas of Chelsea and Victoria are also slow, with the average seller waiting a hundred days or more to find a buyer.
Again, price is likely to play a role as both areas are all premium locations in London with fewer mass market buyers.
The fastest London markets are further from the centre, with sellers in Walthamstow, Stoke Newington and Dagenham currently finding buyers the fastest.
Sellers in Walthamstow only have to wait an average of 32 days to secure a buyer, down four days on last year.
Meanwhile, sellers in Stoke Newington are waiting 40 days to qualify, compared to an average of 50 days last year.
Tim Bannister, property expert at Rightmove, said: ‘In London, commuter areas such as Walthamstow and Dagenham are leading the way in finding buyers the fastest, likely due to well-connected transport links and more affordable prices compared to central zones.
‘In contrast, more exclusive central locations such as Knightsbridge and Chelsea take longer to find buyers as these high-end markets tend to move at a different pace.’
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