Residential properties in Scotland are taking an average of 12.57 weeks to sell compared to 16.11 weeks in England and Wales – representing a 28.16 per cent difference, recent figures reveal.
The data, which was conducted by Property Solvers, discovered in the 12 months to May 2019, houses in Paisley took an average of eight weeks for 251 properties to sell. From marketing the property to completion of the sale, sellers in Glasgow and Edinburgh were waiting an average of 13 and 14 weeks respectively. Motherwell and Kirkcaldy experienced the slowest pace in Scotland, where 732 sellers waited an average of 15 weeks for the property sale to complete.
While a relatively small number of sales in Central London took between 10 and 11 weeks, the majority of sales in England were taking at least five weeks longer. More than 2,000 sellers in Southend-on-Sea, Torquay, North London, Watford and Southall, were waiting an average of 18 weeks for the conveyancing process to complete.
Why are Scottish properties selling at a faster rate?
In Scotland, it is typically a solicitor that will take responsibility for marketing residential property, whereas, in England and Wales, this is usually done by an estate agent.
Claire Flynn, from Edinburgh Solicitors Property Centre (ESPC), explained:
“The prevalence of the solicitor estate agent in Scotland means buyers and sellers are able to get expert legal and market advice from solicitors and property managers in one place and earlier in the process.
Their expertise helps to ensure strong marketing of properties, which results in fast selling times.”
Before a property can be added to the market, Scottish sellers are required to deliver a Home Report, an energy performance certificate and a property questionnaire. Additionally, the seller will generally supply a ‘single survey’ which the buyer can use for mortgage approval. Provided that the surveying firm is on the lenders approved panel, there are usually no obstacles and should result in a smooth transaction. This minimises the chance of down-valuations that can result in sellers trying to renegotiate the purchase price or pulling out altogether; an increasing problem in both England and Wales.
Ruban Selvanayagam, co-founder of Property Solvers, concluded:
“Although the sample size is lower and the system is far from perfect, it’s evident that the English and Welsh conveyancing process could learn some key lessons from Scotland.”
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If you are looking to buy or sell your home but are unsure of the conveyancing process in Scotland, get in touch with Raeside Chisholm solicitors for qualified legal advice. Speak with a member of our team today via the online enquiry form.