Reports of weak housing market exaggerated as average UK property snapped up in 56 days

Published by Hannah Nemeth on 09 May 2019.
Last updated on 09 May 2019

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Reports of a subdued property market may be exaggerated with properties in Britain selling on average in just 56 days or in just 27 days in some areas of Scotland, according to new research by Zoopla.

The property portal analysed all for-sale listings on its website on or after 1 April 2018 until 31 March 2019 to see how many days it took for properties in the 50 towns with the largest number of listings to go under offer from when they were first listed. 

Researchers reveal that Edinburgh and Falkirk have the fastest moving property markets in Britain, with homes listed for sale in these areas typically taking just 27 days to go under offer, compared to the nationwide average of 56 days.

Elsewhere in Scotland, Glasgow comes in third place where properties typically go under offer in 31 days, followed by Stirling is in 32 days. Meanwhile, in Wales, sellers in Cardiff came in fifth place, taking 37 days to get their property under offer.

Meanwhile, homeowners in Blackpool, take the longest to get an offer, averaging a lengthy 71 days for their homes to go under, followed by London at 72 days. 

Which type of property sells?

Zoopla also analysed home sales in the top 50 biggest towns to identify the most commonly sold property type and average price in each location. It found that in Manchester a three-bedroom, semi-detached property is the most sought after, selling on average for £196,514.

In Bristol, a three-bedroom terraced house is the most common sale, selling for £280,851 on average. In London, two-bedroom flats are most sought after, with the typical two-bedroom flat costing £610,439.

“Despite widespread reports of a subdued housing market, Brits may be surprised that it takes less than two months for the average British property to go under offer from the date it was first listed for sale,” says Zoopla spokesperson Annabel Dixon.

“The key is to get your pricing correct, meaning the best way to sell your home quickly is to ask for its true value given the current market. Overpriced homes won’t shift and may have to be discounted and, on the flip side, nobody wants to sell for less than their property is worth.

“Wherever in the country you are buying, it will pay dividends to get your finances and paperwork in good order ahead of time,” she adds.

10 fastest moving property markets

Rank Town Average days to secure an offer Average property value (May 2019)
1 Falkirk 27 £154,579
2 Edinburgh 27 £298,575
3 Glasgow 31 £186,705
4 Stirling 32 £222,736
5 Cardiff 37 £255,528
6 Coventry 37 £215,909
7 Newport 40 £187,842
8 Nottingham 41 £207,456
9 Birmingham 41 £207,474
10 Mansfield 42 £156,763
Source: Zoopla, May 2019

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