Scottish homes sell almost 30% quicker than those in England and Wales, research by market insights tool Property Solvers has revealed.
Residential properties across Scotland took an average of 12.57 weeks to sell compared to the 16.11 week average seen in England and Wales.
Ruban Selvanayagam, co-founder of Property Solvers, said: “It’s evident that the English and Welsh conveyancing process could learn some key lessons from Scotland.
“Buyers interested in properties above the asking price are invited to make sealed bids within a set timeframe.
“Once a legitimate bid is won, similar to England and Wales, the mortgage offer is confirmed and the conveyancing process starts.
“However, in Scotland, although a number of conditions are often applied, the exchange of documentation earlier in the process facilitates a much smoother transaction. In England, there is no legal commitment to the sale until contracts have been signed and exchanged.”
In the town of Paisley, which is west of Glasgow, properties took an average of eight weeks to sell, compared to the average of 18 week seen in areas such as North London, Watford and Southend-on-Sea.
Property Solvers’ local house market insights tool tracks the moment a property is listed on Rightmove to the point it is marked as officially sold at the HM Land Registry.