Properties Fly Off The Shelves
In the UK property market, speed is the name of the game. The latest data reveals an exciting trend: homes are selling faster than ever before. From Yorkshire and the Humber to the North West, properties are being snapped up at a record pace, even within a week of listing. Let's delve into the details of this trend and what it means for buyers and sellers.
Speedy Sales: A Nationwide Phenomenon
- Selling in Less Than 28 Days: A staggering 78% of agents in the latest Dataloft subscriber poll have reported that homes are selling in less than 28 days once listed. This indicates a thriving market and a competitive environment for buyers.
- A Week or Less: Remarkably, 22% of agents state that the majority of homes are selling in less than a week, and Zoopla reports this figure is currently at its highest ever level.
- A Record Low: The average time taken to sell a property across the UK in April is a record low of 45 days, a marked improvement over the April average of 62 days from 2015 to 2019.
- Hotspots: Properties are currently selling quickest in Yorkshire and the Humber and the North West. These areas are witnessing property price growth that exceeds the national average, creating a hotspot for rapid sales.
- London's Longer Wait: Despite the national trend, homes in London are taking the longest to sell, averaging 57 days.
The present time could be the best opportunity for sellers looking to move their properties quickly. Conversely, buyers must be prepared to act fast, especially in regions where properties are flying off the shelves in record time.
Whether you are buying or selling, working with an agent with a good knowledge of the market dynamics will provide the best chance of success in this rapidly changing landscape.
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