If you’re looking to set up home or want to buy a property for an investment, finding a market that gets you from the enquiry stage to completion in the shortest time is key.
New research from comparethemarket.com has taken a look at a number of parameters to find the fastest moving markets outside the UK’s capital. The good news is that Leicester performs well and with just over 630 properties per 100’000 people there’s plenty of homes to choose from.
The process of buying or selling a home or commercial property can be fraught with delays. You might be in competition with other sellers, have to deal with estate agents and be faced with a wide range of delays. In many locations across the UK, you could be looking at several months before you actually get the deal signed, sealed and delivered.
The comparethemarket.com team looked at major cities across the UK and considered 4 main parameters apart from the cost of a house:
- The average number of days that a home is on the market.
- The average number of years an owner is likely to hang onto their home before selling.
- The number of properties for sale per 100’000 people.
- The number of estate agents in the local area.
The Fastest Selling Properties in the UK
Canterbury comes out top on the list and if you’re looking to settle down in Kent, it’s a pretty good central choice. Most properties spend an average of just 21 days on the market. With the median house price set at just over £300’000, competition for properties is quite fierce which may explain why there are 219 estate agents in the area.
While Leicester comes at 17 on the list, a closer look at the figures reveals some surprising results. You can expect the sale of a house to take 79 days on average but there are over 630 properties per 100’000 people to choose from. With the average cost of a house at just £215’530 it’s quite an attractive proposition for those looking to invest or settle down. In 2015, Leicester was listed in the top ten best cities to live and work in, ranking above London and other locations in the Midlands. Leicester also benefits from the fastest growing rents across the whole of the UK so buying in Leicester is definitely worthwhile!
Nearby Coventry has a quicker turnover of properties with an average of 35 days, second only to Canterbury. While house prices are comparable to Leicester, there are fewer properties available and owners seem to hang onto their homes twice as long.
The city where you can expect your house buying to take the longest is Liverpool with an average 108 days to completion and exchange of contracts. House prices are at their cheapest at the moment in the North West city with average properties going for a little over £165’000. You can also expect to find plenty of options with 1’444 properties on sale per 100’000 people, by far the highest in the list.
London is a very competitive housing market and the price of properties can seem astronomical compared to other parts of the UK. The average property price in the Capital is over £630’000 and it can take nearly three months to get from viewing to the final exchange of contracts. If you’re looking to move outside London and want to find the fastest selling markets, you need to balance a number of factors.
Of course, a lot will depend on where you are planning to work and why you are buying the property. The infographic from comparethemarket.com gives you the chance to look at all the top options. You can view the full list here.
- Affordable Property Management in Leicester: https://www.leicesterlettingagent.co.uk
- Find out more about selling your home at auction, you’ll be surprised: https://www.harryalbertgroup.co.uk/auctions
- The Future of Saving Money: https://www.leicesterpropertyinsight.co.uk/connectuk
- Get Exclusive Deals on Landlord Insurance: https://www.leicesterpropertyinsight.co.uk/landlord-insurance
- Free Weekend Landlord eClinic: https://www.leicesterpropertyinsight.co.uk/free-landlord-drop-eclinic-weekends