Houses in the north of England are selling faster than any other region across England and Wales, with a property lasting only 32 days on the market. However, there is one London borough that obliterates this statistic, according to Zoopla.
According to new data from the property site, homes in England and Wales are selling faster than ever, with properties spending an average of just 36 days on the market. Over half (52%) of homes are now selling within two months of listing, an increase from 49% a year ago.
In a detailed regional breakdown, affordable areas in northern England are the fastest-moving markets, with properties selling in an average of 32 days. These regions account for six of the top ten fastest-moving markets, with cities like Manchester, Carlisle, and Gateshead leading the charge.
However, Waltham Forest in north east London tops the national list, with homes selling in an average of just 19 days—two days faster than the previous year. Zoopla said the London borough has become popular thanks to its accessibility, good schools, low crime rates, and generous green areas.
Despite these brisk sales, the time from agreement to completion remains significantly longer, typically taking an additional 4-6 months, depending on the complexity of the transaction.
Properties in Scotland move even faster, taking just 21 days on average to sell – about two weeks quicker than the UK average of 34 days. This is primarily attributed to the unique system in Scotland, where houses are listed with a Home Report, and offers tend to exceed the asking price.
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While faster selling is being seen in more affordable regions, homes in pricier areas are still taking longer to sell. Buyers in these markets have more options, particularly as the number of homes available for sale grows by 11% year-on-year.
Homes in coastal areas popular with second-home owners, such as East Lindsey in the East Midlands and Gwynedd in Wales, are seeing longer sale times, averaging 59 days, because of increased supply caused by the rise in second-home tax.
In coastal towns like Skegness and Mablethorpe and regions like Gwynedd, the local government has introduced policies like higher council tax rates on second homes. This has led to an increase in property listings, which is impacting the time it takes for homes to find buyers.
Richard Donnell, executive director at Zoopla, said: “It currently takes just over a month to agree a home sale across England and Wales, but this varies widely across the country and by property type with smaller family homes the fastest-selling homes.