Southend and Liverpool homes selling faster than London

19 November 2013

The average UK home is taking 11 days less to sell than this time last year, indicating consumer confidence has returned to the property market.

It currently takes 58 days to sell a property in the UK, down from 69 days in September 2012, according to research from the Post Office.

Southend-on-Sea and Liverpool are the cities where properties spend the shortest time on the market. In September, it took 18 days to sell a property - two weeks less than it took to sell in London (32 days).

The reduction in the time to sell in Liverpool is encouraging for the rest of the housing market in North West England, which has been particularly sluggish for the past few years. In the region, a property now spends on average 62 days on the market, almost a month (28 days) less than 2012.

John Willcock, head of Post Office Mortgages, said: "2013 has been a real turning point in the UK housing market with annual house price growth currently 3.4%, the highest level it has been since November 2010.

"But house price data alone often hides a broader picture of recovery. This encouraging fall in the time it now takes to sell a property, especially in areas where house prices have long remained sluggish, shows that real confidence is returning to housing markets in many cities across the UK."

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However, some areas have been hit with both falling house prices and an increase in the length of time it takes to sell. Swansea and Leicester have seen house prices fall by more than 2%, and seen time to sell increase by over a third (89 and 109 days).

Hull has fared worst in the last year, with house prices falling by 2% and it now takes 112 days to sell a property, an increase of 240% on last year.

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Average time to sell and house price

Liverpool, 18 days £ 92,917
Southend on Sea, 18 days, £152,881
Portsmouth, 28 days, £141,329
London, 32 days, £393,462
Plymouth, 34 days, £125,666
Sheffield, 34 days, £115,257
Bristol, 41 days, £173,913
Derby, 43 days, £104,109
Brighton and Hove, 53 days, £234,697
Newcastle, 57 days, £118,071
Birmingham, 66 days, £114,457
Greater Manchester, 68 days, £102,441
Cardiff, 70 days, £142,734
Nottingham, 71 days, £85,232
Norfolk, 78 days, £146,172
Leeds, 79 days, £120,825
Swansea, 89 days, £107,761
Stoke-on-Trent, 97 days, £69,367
Leicester, 109 days, £111,422
Hull, 112 days, £66,831

Source: Hometrack & Cebr


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