The areas of the country which have the ‘fastest-moving’ properties have been unveiled courtesy of a new guide produced by Compare the Market.
It is aimed at people who need to move quickly in order to capitalise on an opportunity and provides information on how many days homes stay in the on market in different parts of the UK.
According to the guide, Canterbury is the ultimate hotspot for a quick turnaround, with homes remaining on the market for an average of just 28 days. This is despite prices being 6% above average.
Bristol, Southampton, Manchester and Nottingham come next on the list of the places with the fastest turnovers.
In London, meanwhile, it’s a different story. With such expensive properties, it takes an average of 89 days to sell, although 40,000 more homes are sold in the capital per year than in the next most popular location.
According to Chris King, home product manager at Compare the Market, the primary factor in how long it takes a property to come off the market is the popularity of an area. This is determined by everything from level of development through to local growth through attraction.
He added: “If local amenities are being developed – such as a train station offering an easy commute to a nearby city, or schools and playgrounds, these are factors that can improve desirability and increase a home’s value overnight.
“But almost anything can affect the local market speed – as much as it is people buying homes in which to spend the rest of their lives, it’s also an investment business, and that means upturns and downturns in the wider market can speed up or slow down property purchases.”
How long is too long?
If a property is left on the market for too long, interest can dwindle as viewers start to question why it’s been left for too long. But when should alarm bells start ringing for potential buyers?
King explained: “Ultimately, the amount of time a property takes to sell is variable. A terraced property in London can sell in 67 days, while a detached takes closer to 92.
“Varying the price or location causes a complete overhaul to those numbers.”
Quick guide to the fastest selling property hotspots
Canterbury
Aside from above-average property costs of £311,774, Canterbury is a gorgeous place to live. But the costs haven’t put buyers off, as properties sell on average in 28 days, the lowest in the country.
Bristol
Bristol is a great option for those looking to stay in a busy city. Costs aren’t unreasonable either, being only 6% above the national average. With properties only owned by their current owners for two-and-a-half years on average, it’s a quick turnover on the market.
Southampton
Southampton properties go in a blink, being only on the market for an average of 40 days. It could be a smart investment as it’s also home to below-average purchase prices.
Manchester
Manchester is the cheapest location to buy in the top five, with an average purchase price of £186,069, compared with a national average of £292,893. It has the shortest average time inhabited by their current owners, only 2.2 years.
Nottingham
Nottingham is popular with both students and workers, due to its Russell Group university and a powerful local economy. Like Manchester, prices are low, and current owners haven’t lived there long, 2.8 years on average.
