Average UK property sales take 61 days
New research has revealed Northampton, Coventry and Manchester to be the parts of the country where homes are selling most quickly.
According to analysis by the HomeOwners Alliance which tracks the speed of the property market, the three towns lie in postcode areas where sales are usually agreed in less than 36 days. This is three times faster than some parts of London.
The research is based on searches conducted during December last year using the EstateAgent4ME tool on the website of the consumer group. The analysis looked at the duration of time thousands of houses and flats were listed on a property website before they were marked at “under offer”.
Of the ten postcode areas where homes are changing hands in the shortest time, seven are in the Midlands. Among these are Birmingham, Milton Keynes, Wolverhampton, Luton and Stevenage.
The analysis provides further evidence of a slowdown in the London property market, with four of the 10 postcodes areas with the slowest sales either in or close to the capital. Three others in this slower group are in the North East: Durham, Middlesbrough and Sunderland.
Properties around West London are on average taking almost 108 days to go under offer – slower than any other postcode area.
Paula Higgins, Chief Executive of the HomeOwners Alliance, said:
“Knowing how long a sale can take is vital intelligence for anyone trying to sell their home. Our EA4ME tool gives homeowners a greater understanding of their local market and provides new insights into the state of the national picture.
“Speed of sale isn’t the be all and end all – but it can mean all the difference between snapping up or missing out on the home of your dreams.
“Our free website lets anyone selling their home see which estate agents in their local area have the best track records for selling homes most quickly and closest to the initial asking price.”