New research names Canterbury, Bristol and Southampton as buyer hotspots
Canterbury, Bristol and Southampton are upcoming cities in the UK set to become property hotspots because homes are selling vast and they have the best living opportunities for buyers, according to new research.
Canterbury comes out on top even although prices at £311,774 in the city are 6% above average, helped by the fact that properties remain on the market for an average of only 28 days, the research from Compare the Market says.
It has compiled a new guide detailing the locations with the fastest moving property hotspots for new buyers and investors, taking into account the number of days on the market and how many years current owners have lived in their properties, as well as other helpful information such as estate agents in the area and the number of properties available.
Prices in Bristol are also 6% above the national average but the housing market is fast moving with properties owned by their current owners for 2.5 years on average while in Southampton properties are on the market for an average of 40 days and prices are below average.
Manchester is the cheapest location to buy in the top five hotspot locations identified by the research with an average purchase price of £186,069, compared with a national average of £292,893 and it has the shortest average time inhabited by current owners at 2.2 years.
Nottingham comes fifth and is described as being popular with both students and workers, due to its Russell Group university and a growing local economy. Like Manchester, prices are low, and current owners haven’t lived there long, some 2.8 years on average.
Despite being a popular place to live, it can be tough trying to sell a property in London, according to the research and prices are high at an average of £635,881. Properties stay on the market for an average of 89 days.
The report says that in London buying or selling a property can be a slow and pricey process. ‘Long bargaining periods, middle agents, and even finding a suitable home in the first place can all mean that from start to end, buying or selling a property can take months,’ it adds.