UK homes selling at their fastest since 2007, new research shows

The average time it takes to sell a property in Britain has reduced to 88 days, some 16 days or 15.38% faster compared to the same time last year, new data shows.

It is the fastest selling time recorded since 2007, according to the research from residential property group Move with Us.

It shows that properties in Greater London were selling the fastest in the second quarter of 2014 with an average of just 43 days. This was followed by the South East and East Anglia where the selling times were the fastest in five years, taking an average of 59 and 68 days respectively.

At the other end of the spectrum, properties were slowest to sell in the North East where the average selling time reached 138 days in the second quarter of 2014. However, this was still 50 days or 26.6% quicker in a yearly comparison and the second biggest change outside of Greater London since 2007.

‘The market has gained a spring in its step thanks to increased confidence and more readily available funding bringing more buyers to the market,’ said Robin King, director at Move with Us.

‘Faster selling times have now spread outside Greater London and the South East where competition has always been relatively strong compared to areas such as the East and West Midlands where the market has taken longer to recover,’ he explained.

He pointed out that the average selling time is now almost back to the pre-crash levels of 2007. ‘Due to faster timescales, buyers should do all they can to get ahead of the competition and make sure they secure their dream home,’ he added.

The firm advises buyers to get financially and legally prepared when they first start looking to buy. ‘This will help to make sure they don’t miss out on their chosen home as they will stand out as a serious buyer and it will have the added benefit of working to reduce timescales,’ said King.

A breakdown of the figures show that after Greater London and the South East the region with the fastest selling time is East Anglia with 68 days followed by the South West at 68, the East Midlands with 87 and the West Midlands at 89.

Average selling time in Scotland is 106 days, in Yorkshire and Humber 110 days, in the North West 114 days, Wales 129 days and the North East bottom at 138 days.