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Scottish average times on the property market plummet by almost 50%

The desperate scramble for property is affecting Scotland too, as available houses are snapped up by frantic buyers, according to a new survey.

The Negotiator

Perth Scotland image

The average time a property in Scotland remains on the market has plummeted by up to 50% over the last year as demand continues to outstrip supply according to analysis of the latest data by Scotland’s largest property agent, DJ Alexander Ltd.

It found that between March 2021 and March 2022 the average time properties remained on the market fell by just under 50% in Inverness and Perth and by just under 25% in Dundee, Edinburgh, and Glasgow. Only Aberdeen bucked the trend with an increase of 6% in the time properties spend on the market.

Semi-detached properties were on the market the least amount of time with the quickest going in 39 days in Glasgow; 41 days in Dundee; and 57 days in Edinburgh while in Perth terraced properties were only on the market for 18 days and in Inverness 25 days. The slowest properties to sell in all markets were flats which, while still taking less time to sell, have not seen such a substantial drop as other types of property.

image of David Alexander

David Alexander, CEO, DJ Alexander

David Alexander, CEO of DJ Alexander Scotland, commented, “Demand remains high, and we can see that larger properties continue to attract the greatest interest and are consequently sold in the shortest time. More space indoors and outside has been the key story of the pandemic resulting in larger properties with gardens being the most in demand. Whether this continues once things return to normal and more people want access to the attractions of inner-city life remains to be seen but as a trend it has had a good run during the pandemic.”

The fact remains that there are still too many buyers for too few properties.”

“The fact remains that there are still too many buyers for too few properties and, despite rising interest rates, increasing cost of living, soaring utility prices, and pricy petrol at the pumps, buyers are still out there and are still buying quickly if they find somewhere they really want.”

David continued, “However, I do believe we may have already passed the peak of this market and with further increases in interest rates on the horizon coupled with cost of living rises still to bite a more sober approach may come into the market during the Summer and Autumn.

“But, in the short term, as long as there is a shortage of property on the market, and people are well funded and keen to move then the current buoyancy will continue. However, there will come a point when even the most enthusiastic buyer takes stock, sits back, and reflects that maybe buying quickly using the most you can borrow may not be sensible in the long run.”

Average time on the market change between March 2021 to March 2022

Location                            Difference          March 2022

Perth                                 -48%                    110 days

Inverness                          -45%                    41 days

Dundee                             -23%                    139 days

Edinburgh                        -22%                    97 days

Glasgow                            -22%                    87 days

Aberdeen                         +6%                     464 days

March 24, 2022

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