New research from Rightmove highlights a difference between the Scottish and English property markets: all ten quickest local authority areas for completing a home move are in Scotland.
According to Rightmove, the period from a sale being agreed to completion averages 98 days in Scotland. The equivalent figure across England and Wales is 154 days, while buyers and sellers in London wait an average of 174 days. At local authority level, Clackmannanshire recorded the shortest average completion time at 76 days. Edinburgh and Fife were both among the ten fastest areas, at 86 days. By contrast, the slowest area, Slough, recorded an average of 229 days.
This matters because the overall home-moving process is getting longer. Rightmove reports that selling a home in England and Wales now takes an average of 216 days: 62 days to find a buyer and a further 154 days to complete the transaction. That is 36 days longer than in 2019.
Why does the Scottish system move more quickly?
One important difference is the amount of information available before an offer is made. In most Scottish sales, the seller must arrange a Home Report before marketing the property. This includes a single survey, an energy report and a property questionnaire. Giving prospective buyers access to this information at the outset can help issues come to light sooner and allows buyers to make informed offers.
The legal process is also different. After an offer is accepted, the parties’ solicitors negotiate a series of formal letters known as missives. A binding contract is created when the missives are concluded. Although an accepted offer is not itself legally binding, the Scottish system can provide contractual certainty earlier in the transaction than is often achieved in England and Wales, where parties are generally free to withdraw until contracts are exchanged.
This earlier certainty reduces the opportunity for gazumping and gives buyers and sellers greater confidence when making arrangements for mortgage funds, removals and their onward move.
The UK Government has announced plans to reform homebuying in England and Wales. Its proposals include mandatory sales packs containing key information at the point of listing, greater use of digital systems and binding conditional contracts earlier in the process. The aim is to reduce delays, costs and the number of transactions that fall through.
Of course, no two transactions are the same. A Scottish purchase can still be delayed by a lengthy chain, mortgage requirements, title issues, alterations without supporting paperwork or difficulties agreeing a date of entry. Instructing a solicitor early, providing documents promptly and raising potential issues at the outset can all help keep matters moving.
The Rightmove figures nevertheless demonstrate the value of a system built around upfront information, early legal involvement and greater certainty.
If you are considering buying or selling a property in Scotland, our residential property team can guide you through every stage of the process. Please contact us to discuss how we can help.
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The content of this page is for information only. It is not intended to be construed as legal advice and should not be treated as a substitute for specific advice. Gibson Kerr Ltd accepts no responsibility for the content of any third party website to which this webpage refers. Gibson Kerr Ltd is regulated by the Law Society of Scotland.