Homes are selling faster in the UK
According to recent research conducted by GetAgent, a leading Estate Agency comparison website, the average time it takes to sell a home in England and Wales has decreased by 44 days. GetAgent regularly analyses the duration from the listing of a property until the completion of its sale for every postcode in the region.
Housing market trend
In the past 12 months, the average time to sell a home in England and Wales was 250 days, which is 44 days faster compared to the previous 12 months average of 294 days. This indicates a positive trend in the market. Among the areas with the quickest turnaround, the SW1Y postcode in Westminster stands out, with homes selling in just 79 days on average over the past year. Similarly, Northumberland's TD15 postcode boasts a short average selling time of 92 days. Other notable areas include SY15 in Powys at 117 days and LA17 in South Lakeland at 121 days.
London homes sell fast
The W1D postcode in the London Borough of Westminster experienced a significant improvement, with the average selling time reducing to 232 days in the last 12 months. This marks a remarkable reduction of 981 days compared to the 1,213 days it took for homes to complete their sales in the preceding year.
Colby Short, the CEO of GetAgent, commented on the findings, stating, "Despite the property market instability spurred by last September's mini-Budget, home sellers and buyers are continuing to transact and at a greater speed over the last 12 months when compared to the 12 months prior."
Short added, "While some areas have witnessed a substantial decrease in selling time, this hasn't been the case across the board. For those seeking a quick sale, it is crucial to price their property realistically based on current market conditions, ensure all necessary paperwork is in order, and consider targeting first-time buyers or buyers without an ongoing chain, even if it means accepting a slightly lower price for their home."
Do you want to sell your property fast?
If you're looking to sell your home quickly, staying informed about the average selling times in your local area is essential. Pricing your property appropriately, being prepared with necessary documents, and targeting specific buyer segments can significantly contribute to expediting the sales process. Also, get the right help, and seek out a reputable Estate Agent near you who knows the area well that you want to sell or buy in.
Original source: https://www.estateagenttoday.co.uk/breaking-news/2023/5/getagent-homes-are-selling-44-says-faster
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Posted on: 8 June 2023