The Scottish capital has ranked joint second on a list of the cities with the fastest selling luxury homes in the UK
According to a new report by the property experts at Rightmove, Edinburgh has one of the highest levels of demand for top-end homes in the country, second only to Cambridge. The results also show that all of the top 5 locations for fast-selling luxury properties are outside London.
In Cambridge, homes priced at the top end of the market – including those selling for £1 million or more – only take 45 days on average to secure a buyer. This is more than twice as fast as the national average of 99 days.
Edinburgh comes in at a close second, tied with the picturesque Harpenden in Hertfordshire, which is a popular location for London commuters.
The results show that luxury properties take an average of 53 days to be snapped up in the Scottish capital. Bristol and St Albans round out the top five, with luxury homes in these locations selling in an average of 54 and 60 days respectively. Hackney (62 days), Golders Green (64 days), Brixton (65 days) also made the top ten list.
Among the wider regions, Scotland was also the second fastest region for luxury home sales, with an average of 94 days. Scotland also showed the greatest decrease in time taken, with sales on average 19 days faster than last year.
The results from Rightmove also revealed that it takes five days longer for a buyer to secure a luxury property sale than it did one year ago, when the average was 94 days. However, eight of the locations in the top ten are actually selling luxury homes faster than they were this time last year, including Edinburgh.
The exceptions to this trend are Cambridge and Bristol, which have increased by one day and 18 days respectively. In Edinburgh, the average luxury home is selling at an incredible 23 days faster than it was last year, when it took 76 days for a luxury property to find a buyer and go under offer.
Miles Shipside, Rightmove housing market analyst, described the results in depth, revealing that hotspots like Cambridge have “helped the east of England take over the mantle from London in recent years.” He continues by saying that the Scottish luxury market has “also picked up as the increased activity in the overall housing market in Scotland is having a positive knock-on effect on the higher end, especially in cities like Edinburgh.”
Managing director of Rettie and Co. estate agents in Scotland, Simon Rettie, describes how as confidence and demand have grown in the Scottish property market, luxury properties have “started selling much more quickly.
“The buyers are often families or professionals, or those that are looking for a second home.”
Following on from the news earlier this year that Edinburgh has the highest property market growth in the UK, this news from Rightmove is further evidence that the Edinburgh property scene is thriving, particularly at the higher end of the market where the picture for luxury properties is looking extremely healthy.
If you’re looking for a stunning home in Edinburgh, don’t hesitate. Craighouse is the luxury property collection from Quartermile Developments, located in the tranquil district of Morningside. Click here to see more of Craighouse, or call the team on 0845 000 25 25.