New research looks at where properties are selling the fastest in Britain. The Midlands and north of England feature heavily on the list of the top 20 fastest-moving property markets.
Recent research by Zoopla found 20 UK regions where properties are selling the fastest. Properties in 14 locations take an average of 30 days or less to sell. Towns and cities in the Midlands and north of England dominate the list.
Falkirk, Scotland is the fastest-moving location with listings taking an average of only 20 days to move from “for sale” to “sold subject to contract”. Waltham Forest in London and Bridgend in Wales follow with sales taking 24 days.
The Midlands and north dominate the list
The Midlands boasts eight locations in the top 20, and most are towns within a 40-minute drive of Birmingham. The north-west has five locations on the list with four being boroughs of Greater Manchester. And Yorkshire and The Humber is home to two cities that make the top 20.
Properties in Liverpool take an average of 25 days to sell, making it fourth on the list. Salford properties take 26 days, rounding out the top 5. Sheffield and Redditch, West Midlands follow with 27 days. Three locations in the West Midlands and Leeds are tied with properties there taking an average of 28 days to sell, making up the top 11.
What’s behind the quick sales?
Pent up demand since the end of the first lockdown has led to an increase in property transactions across the UK and property price rises. The UK housing market has continued to gain steam with a surge of activity in buying and selling.
The sector usually starts to see a seasonal slowdown this time of year, but demand remains strong. A recent report from Zoopla revealed there are 50% more property sales in the pipeline right now compared to the same time last year. And the second lockdown is expected to further cement people’s desire to move.
Additionally, buyers and sellers are keen to complete in time to benefit from the stamp duty holiday. The tax holiday is in place until 31st March 2021.
Tom Parker, Zoopla’s consumer spokesperson, says: “With a potential saving of up to £15,000, the rush from buyers to benefit from the stamp duty holiday is very much on.
“Of course there is still a significant amount of work to be done once a property is under offer, but properties being snapped up quickly by eager buyers is the first hurdle to leap if you want to make that saving.”
Buyers and investors urged to act quickly
In addition to the stamp duty holiday, mortgage interest rates are still competitive for both owner-occupiers and buy-to-let landlords, helping buyers make further savings. Mortgage rates and fees are on the rise, so it’s a good time to secure a competitive deal.
The end of 2020 will see many of the sales currently in the pipeline complete. The additional volumes of property transactions could cause delays for conveyancers, agents and valuers. Because of this, industry experts recommend buyers to act as quick as possible in order to beat the stamp duty holiday deadline.
Tom Parker concludes: “We’d urge buyers to act quickly and decisively in their hunt for a perfect property. Any delay can not only mean you miss out on your dream home but could hit you in the pocket too.”
