Zoopla disclosed that just nine of 2022’s fastest areas to sell remained in the top 25 list in 2023, with demand for homes considerably declining in locations that saw the least house price growth over the last five years
UK properties are taking around two weeks longer to sell than this time last year, according to new data. During September, homes stayed on the market for an average of 34 days before agreeing sales.
But the North West is the region taking the shortest time to sell, with Liverpool taking top rank as the fastest moving market in England, as per Zoopla. In the North West, the typical seller agreed an offer within 17 days — half the UK average.
The second and third fastest-moving markets were Manchester and Salford, respectively, where the average time to agree an offer was 21 and 23 days respectively.
Cities like Sheffield, Newcastle, Bristol, Cardiff and Birmingham also made it in to the list of the top 25 fastest-selling markets for the first time since the Covid crisis with offers typically achieved within 27 days.
Zoopla disclosed that just nine of 2022’s fastest areas to sell remained in the top 25 list in 2023, with demand for homes considerably declining in locations that saw the least house price growth over the last five years.
With buying power lessened by up to 20 per cent thanks to increasing mortgage rates, the most affordable homes across the country are selling the fastest, Zoopla added.
Naturally, this favours markets in the North West and North East of England, where the average home is between £72,000 and £125,000 less expensive than the national average.
More than half (56 per cent) of the fastest selling areas have properties that are below the regional average price, with a typical difference of 16 per cent in areas like Sheffield in Yorkshire, Port Talbot in Wales, Gateshead in the North East or Carlisle in the North West.