Where in the UK Can You Achieve the Quickest Sale?
The large town of Northampton, located conveniently between London and Birmingham is revealed as the property markets biggest hotspot with the average sale time being just 27 days, according to Zoopla. With a convenient location and a relatively low median house price at £245,288, Northampton is selling properties 19 days faster than London markets on average.
Milton Keynes, just 72 KM (45 miles) outside of London has an average sale time of 29 days and the London commuter town Croydon came in third with 30 days on the market, but with a significantly higher average price tag of £374,342.
The Zoopla report demonstrates a strong trend towards property interests in outer London markets rather than London’s central markets, which has steadily declined over recent months.
The average days for an offer on a property across England is 47 days, but each of the expensive London markets have an average between 60 and 83 days. Chelsea and Kensington sit on the market for the longest at 83 days, Westminster sits on the market for 70 days and Hammersmith has a 63-day average.
More people are motivated by affordability and increasing transportation lines to consider properties outside of the traditional London areas. The stamp duty increases and Brexit are also potential causes for the longer sale times in the expensive London markets. Some experts suggest recovery is on the horizon with foreign investors eager to take advantage of the stalling London market and weak pound.
With the shift in momentum towards suburbs outside of London, sellers in these areas are able to make a quick sale and at a good asking price. With the increased demand, the average property market in these areas has risen by 20 percent in some areas.
The East Midlands and South East England are not the only areas to have a quick property turn around. Both Edinburgh and Glasgow round off the top 5 fastest moving towns with Edinburgh at 32 days and Glasgow at 33 days to secure an offer.
Bristol and Southhampton have a respectable 34 days on the market with Coventry at 35-days and Salford and Ipswich both at 36 days to go “under offer”. South West England, with a high average sale price of £285,406 has a 50-day average sale time and both Yorkshire North West England are above the countries 47-day average at 55 days. The two areas that sit on the market the longest are North East England with 61 days and Wales at 66 days and a £179,890 average asking price.
Being able to sell your home quickly has and always will be about location, but also the best locations are the most popular usually due to price, convenience and attractiveness. If you have a property in Northampton, you could wait 20 days less than the countries average, making it the best location in the UK to achieve a quick sale.