Selling a property can be a very time-consuming task and some property transactions can take from 4 to 6 months to complete the sale once they have been put on the market. The average time taken to get an offer though, is much shorter and on average this is 29 days in the UK which is up 9 days since January 2022 when it was only 20 days. Some of this delay is being caused by higher interest rates and the cost-of-living pressures which has hit demand compared to early 2022 and this is leading to an elongated sales process. There are other elements that can affect how quickly you sell, one of those is the local market. Is it buoyant, are you living in a thriving area or is your local property market slower than the rest of the country? In this article we will take a look at recent data and find out the places in the uk where homes sell the fastest.
Which area is achieving fast property sales?
Average 12 days selling time – Liverpool tops the list of places where properties sell the fastest with an average of only 12 days being required to sell a property.
Average 13 day selling time – Closely following behind with an average of 13 days to secure a sale are: Luton, Knowsley and Salford.
Average 14 day selling time – Taking 14 days to sell are: Manchester, Bury, Basingstoke and Dean, Dartford, Birmingham and Redditch.
Average 15 day selling time – Taking just a day longer at 15 days on average come: Ipswich, Newcastle, Wigan, Chorley, Gravesham, Rushmoor, Worthing, South Gloucestershire, Swindon, Torfaen and Nuneaten and Bedworth.
Average 16 day selling time – Finishing the list of fastest selling spots are: Northampton, Daventry, Trafford, Bristol, Cardiff, Coventry, Rugby, Hull and Barnsley where a property sells on average in 16 days.
How much do the fastest selling properties cost?
What is interesting to note in these places where properties are selling in half the time of the national average, is that the most popular properties are at the cheaper end of the spectrum. In the Northwest in places like Manchester, Knowsley and Trafford these are the £100,000 to £150,000 properties. In Liverpool, Bristol and Coventry for example this is a different price band and the more affordable properties are being sold for £150,000 to £200,000. At the top end lie places like Gravesham and Rushmoor where affordable properties are being sold for £350,000 to £400,000.
What type of homes sell fastest?
In these price ranges the types of property that are being sold fastest are one and two bedroom flats and two and three bedroomed terraced houses. This pattern is pretty much consistent across the vast majority of the fastest selling hotspots apart from the affordable commuter hotspots like Bury, Hull, Barnsley and Basingstoke where two and three bedroom semis are selling fastest.
Urban or Rural?
It is interesting to see that Cities are now back in favour. At the height of the Covid-19 pandemic and the immediate aftermath, properties in major cities saw a huge decline in popularity as people prioritised living in more rural areas with more open space.
Helping you sell your home
Whether you need to move quickly or have other priorities at Belvoir we pride ourselves on understanding the people behind the property and will work with you to achieve the best outcome for you and your family. We have over 170 high street offices throughout the UK why not give us a call or pop in and one of our local property experts will be delighted to help.
