The analysis from property website Home.co.uk shows that in the vast majority of the South, East of England and the Midlands a home sells in 84 days or less, whilst wide swathes of Greater London and the Home Counties are reporting typical sale times of 65 days or less. The lowest figures of just 20 days were recorded in super hot markets located in parts of Bristol, London and Cambridge.
At the other end of the spectrum, property in the northern regions, much of Wales and parts of the South West are taking much longer to sell. The report says that many local markets in these areas of the country remain sluggish, hence the average time to sell a property is edging towards four months or more.
Areas that are experiencing the longest selling times are scattered throughout England and Wales, including Haverfordwest in Pembrokeshire, High Peak in Derbyshire and Mablethorpe in Lincolnshire. The contrast is most prevalent in Mablethorpe, where the typical number of days to sell a property currently stands at 246, over 12 times longer than the fast turnover markets.
The study indicates that time it takes to sell is highly location dependent. The demand for property in and around the London remains high and, consequently, the average time to sell is 49 days or less. The London heat map also illustrates that the areas south of the Thames, which generally offer better value for buyers, are showing the largest cluster of short selling times.
This study shows that the property market is functioning very well in many parts of the country. Whilst it is true that the flow of new stock to the market remains very restricted, this data suggests that, across many areas of the country, property is selling well and in very reasonable timeframes. In the high demand areas, the typical selling times can be as low as three weeks, which would please all but the most desperate vendor,’ said the firm’s director Doug Shephard.
He pointed out that a closer inspection of these high performance areas reveals thriving local economies driven by above average household incomes and greater confidence about economic futures. Local markets such as these do not need Help to Buy schemes, he suggested.
‘The contrast in the time to sell data serves as a reality check for some of the local markets. The differential between the shortest and longest selling times is substantial, standing at over 200 days or 6.5 months. It is clear that price falls in these struggling markets are not enough to stimulate transaction levels,’ explained Shephard.
‘The real victims of the property bust and subsequent austerity measures, such areas are still suffering with very poor economic performance and low confidence amongst local buyers. Help to Buy could be focused on these deflating markets, and that would deliver real help where it is needed,’ he concluded.
