Research by Zoopla has taken a look at the UK property market to see where properties are selling in the least amount of time. It makes interesting reading for property investors in search of fast-moving deals.
By studying the 50 biggest towns by number of listings, Zoopla revealed the average length of time it takes for properties to sell in Britain. Its results show that it takes 56 days for the average property in the UK to go under offer from when it’s first listed.
THE FASTEST-MOVING UK CITIES
Edinburgh and Falkirk are top of the list with the fastest-moving property market in the UK. Properties for sale in these areas take on average just 27 days to go under offer.
In third place came Glasgow, where properties tend to receive an offer in an average of 31 days, followed by Stirling with offers in 32 days. In fifth place was Cardiff, with an under-offer time of 37 days.
If you look at speed of sales by region, Scotland and the West Midlands come out top of the property market. The average sale listing goes under offer in just 42 and 46 days respectfully in these regions.
At the other end of the list, the place that takes the longest to go under offer is Blackpool. The town has the relatively slow average of 71 days, one day longer than property in London.
HOW OTHER CITIES COMPARE
While Scotland boasts the top four fastest-moving property markets on the list, Cardiff and Coventry are next with an average under-offer time of 37 days after properties are first listed.
Next is Newport in Wales with properties receiving an offer after an average of 40 days. Nottingham and Birmingham both have an under-offer time of 41 days while it takes 42 days in Mansfield.
WHAT ARE THE MOST COMMONLY SOLD PROPERTIES?
Zoopla’s research also looked at commonly sold property types and their average prices in each of the top 50 biggest towns.
In Manchester, a three-bedroom semi-detached property is the most commonly sold. In this city, the average price of a three-bedroom semi is £196,514.
Three-bedroom terraced houses are the most commonly purchased properties in Bristol. They typically sell for £280,851 on average.
While in London, the most commonly bought properties are two-bedroom flats, costing on average £610,439.
NOT SUCH A SUBDUED MARKET?
This makes interesting reading with so many reports of a flat housing market.
According to Zoopla spokesperson, Annabel Dixon: “Despite widespread reports of a subdued housing market, Brits may be surprised that it takes less than two months for the average British property to go under offer from the date it was first listed for sale. The key is to get your pricing correct, meaning the best way to sell your home quickly is to ask for its true value given the current market. Overpriced homes won’t shift and may have to be discounted and on the flip side nobody wants to sell for less than their property is worth.”
