Rightmove names fastest moving property market as sale times lag

Falkirk has been named as the UK’s fastest-selling market.

New figures from Rightmove show sellers in the area are finding a buyer in the Stirlingshire town in an average of 22 days.

Broxburn in West Lothian is the second quickest market, with homes finding a buyer in 23 days on average and Renfrew in Renfrewshire is third at 24 days to find a buyer on average.

Seven of the top ten quickest locations to find a buyer are in Scotland, where homes typically find a buyer more quickly, though these areas are taking longer to find a buyer than a year ago. 

The average time to find a buyer in Scotland is now 34 days, compared with 22 days last year. 

Scotland is the quickest market in Great Britain, while London takes the longest to find a buyer on average at 65 days, according to Rightmove.

Four of the top five areas where homes are taking longer to find the right buyer this year compared with last year are by or within a short distance of the coast, including Ferndown in Dorset, Brixham in Devon and Heysham in Lancashire.

Meanwhile the areas where homes are finding a buyer even more quickly than last year are in the commuter belts of major cities, including Windsor in Berkshire, Knaphill in Surrey and Cowley in Oxfordshire.

Across Great Britain, it is currently taking 55 days on average to find a buyer and a further 165 days to complete a sale, according to Rightmove.

While homes are now taking longer to find the right buyer compared with the frenetic market of this time last year, when homes were finding a buyer in an average of 33 days, the market is still quicker than the pre-pandemic March 2019 average of 67 days to find a buyer.

Terraced houses are currently finding buyers fastest at 48 days, while detached houses are taking the longest to sell at 65 days.

Rightmove’s property expert Tim Bannister said: “The current market conditions will suit more measured movers, who were perhaps put off by the frenetic market conditions of this time last year, when the average time to find a buyer was near a record low. 

“Despite what will feel like calmer conditions, the market is still moving more quickly than before the pandemic started. This latest data reflects current buyer behaviours, with more buyers returning to cities and within commuting distance of an office and the speed of the market easing near the coast, which had seen some of the most frantic levels of activity during the pandemic.”