For homesellers in Great Britain, there’s been no better time to secure a buyer for their property in the past decade than now, according to a report released Friday by Rightmove.
Across the country, 68% of homes successfully found a buyer in the 12 months between June 2020 and June 2021—the highest rate of any year over the past 10 years, the online property portal said.
The coronavirus pandemic—along with the economic measures such as tax breaks and low interest rates that emerged from it—lit a fire under the country’s property market that has resulted in record prices, skyrocketing demand, soaring transaction levels and zealous buyers.
Sale rate across Great Britain
“There’s been a much greater chance of a seller finding a buyer over the past year, which really highlights the sheer number of people who have been determined to move,” Tim Bannister, director of property data at Rightmove, said in the report.
“While the long-term average shows that typically around half of properties sell, the increase in 2021 reflects the frenzied buyer activity we’ve seen in the current market, driven by multiple factors such as pent-up demand and changing priorities,” he said.
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Scotland ranked as the most likely of any country or region within Great Britain in which to secure a buyer, with 89% of homes successfully finding a purchaser.
London, meanwhile, came in at the bottom of the ranking, where 48% of homes found a buyer.
Those are typical rankings for the two locations, according to Mr. Bannister. “However the broader numbers are reflective of the trend we’ve been seeing all year, which is that buyers have widened their scope, and the popularity of every area in Great Britain is increasing,” he added. (Property Sellers in Great Britain)