Houses selling 11 days’ faster than last year

The average time it takes to sell a property in the UK is currently 58 days, 11 days less than the same period last year.

According to the latest “Rate of Sale” report from the Post Office the regional variation in sale times is also showing signs of dissolving.

Properties in Liverpool and Southend-on-Sea properties spend the least amount of time on the market whilst Hull and Leicester are still the slowest performers.

Some Northern cities such as Liverpool, Sheffield and Manchester are also showing signs of improvement with the average time a property spends on the market in the North West falling from 90 days to 62 days over the last year.

John Willcock, Head of Post Office Mortgages, said: “2013 has been a real turning point in the UK housing market with annual house price growth currently 3.4%, the highest level it has been since November 2010.

“But house price data alone often hides a broader picture of recovery. This encouraging fall in the time it now takes to sell a property, especially in areas where house prices have long remained sluggish, shows that real confidence is returning to housing markets in many cities across the UK.”

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