Moving home can feel like a long game of waiting. But if you are buying or selling property in Scotland, the latest figures suggest you might not have quite as long to wait as you think.
New research from Rightmove found that the average time from a property being marked sold subject to contract to completion is 98 days in Scotland, compared with 154 days across Great Britain.
And there is more good news for the Scottish property market. Rightmove’s latest House Price Index found that 91% of homes for sale in Scotland are successfully finding a buyer, compared with just 42% in London.
So, why can Scottish property transactions move more quickly?
It starts with more information upfront. In Scotland, most properties are marketed with a Home Report, giving potential buyers access to important information about the property before they make an offer. That can help identify potential issues earlier, rather than discovering them further down the line.
Then there are the missives
The Scottish conveyancing process is also different. Once an offer is made, solicitors negotiate the missives. When the missives are concluded, the contract becomes legally binding, giving both buyer and seller greater certainty earlier in the transaction.
Rightmove’s research highlights these differences, including Home Reports and earlier contractual certainty, as factors that can contribute to Scotland’s quicker completion times.
And Scotland isn’t just slightly ahead. All ten of the fastest local authority areas in Rightmove’s research were in Scotland, with Clackmannanshire recording the shortest average at just 76 days.
Of course, no two property transactions are the same. Chains, mortgage arrangements, title issues and missing paperwork can all add time to a Scottish conveyancing transaction.
But the figures do highlight one of the advantages of the Scottish system: getting key information on the table early and involving solicitors from the outset can help keep a property transaction moving.
Buying or selling property in Scotland?
Whether you are buying your first home or selling a property, our Scottish conveyancing solicitors can guide you through the legal process from offer to completion. Thinking about moving?
Contact Kaur Sutherland Conveyancing Solicitors to find out how we can help.
