Houses in northern England sell faster than any other part of England and Wales, with properties lasting only 32 days. However, according to Zoopla, there is a London borough that ruined the statistics.
Homes in England and Wales are selling faster than ever, with property spending on average 36 days on the market, according to new data on property locations. Now, more than half (52%) of homes sold within two months of listing, up from 49% a year ago.
In a detailed regional breakdown, the affordable areas of northern England are the fastest markets, with real estate selling on average within 32 days. These regions account for six of the top 10 fastest markets, with cities such as Manchester, Carlisle and Gateshead leading the charge.
However, Waltham Forest in northeast London ranked first in the country, with an average selling price of houses only 19 days, two days faster than the previous year. Zoopla said that the Borough of London has become popular due to its accessibility, good schools, low crime rates and generous green areas.
Despite these heavy sales, the time from agreement to completion is still long, usually taking an additional 4-6 months depending on the complexity of the transaction.
Property in Scotland moves even faster, taking only 21 days on average to sell – two weeks faster than the UK's average 34 days. This is mainly attributed to Scotland's unique system, where home reports are listed, and quotes tend to exceed the asking price.
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While faster sales are seen in more affordable areas, it will take longer for homes to sell in higher-priced areas. Buyers in these markets have more options, especially as the number of homes available for sale grows by 11%.
Houses in coastal areas are popular with second-home owners, such as East Lindsey in East Midlands and Gwynedd in Wales, seeing longer sales times, with an average of 59 days as the supply of second-home taxes increased.
In coastal towns and coastal towns such as Mablethorpe and in areas such as Gwynedd, local governments have proposed policies such as higher council tax rates for second bedrooms. This has led to an increase in real estate listings, which affects the time it takes for homes to find buyers.
Richard Donnell, executive director of Zoopla, said: “It will take more than a month to agree to home sales throughout England and Wales, but this is very different across the country and is divided by property type, while smaller family homes are the fastest homes.
