A new study reveals the UK hotspots where it takes the least amount of time to sell a home.
Estate agents are always asked the same question from prospective clients: "How much time will it take to sell my property?" This got the people at home.co.uk, a prominent UK property search and estate agents directory, to put together a study that could investigate and add some semblance of order to the quandary.
The results of the study revealed that the time it will take to agree a sale is influenced by a multitude of factors such as the property's ability to stand out from others; supply and demand for that type of property, price and above all, location.
The research, which incorporates in excess of 634,000 data points, shows the stark contrasts in the typical time it takes to sell a property over the last six months across England and Wales. For instance, the shortest durations of just 20 days were recorded in parts of Bristol, London, Cambridge and Milton Keynes.
Shortest typical (median) periods to sell across England and Wales
| | London
(within the M25) | Elsewhere |
| 1 | N5 (Highbury): 20 days | BS3 (Bristol): 20 days |
| 2 | SM5 (Carshalton): 20 days | CB1 (Cambridge): 20 days |
| 3 | E17 (Walthamstow): 23 days | CB3 (Cambridge): 23 days |
| 4 | TW2 (Twickenham): 23 days | CB4 (Cambridge): 23 days |
| 5 | E8 (Hackney): 24 days | MK12 (Milton Keynes): 23 days |
| 6 | KT5 (Surbiton): 24 days | CV32 (Leamington Spa): 24 days |
| 7 | KT9 (Chessington): 24 days | IP33 (Bury St. Edmunds): 24 days |
| 8 | SM6 (Wallington): 25 days | RG5 (Woodley, Reading): 24 days |
| 9 | N16 (Stoke Newington): 25 days | B48 (Alvechurch): 25 days |
| 10 | EC3 (City of London): 26 days | AL3 (Redbourn): 25 days |
At the other end of the spectrum, property in the northern regions, much of Wales and parts of the South West of England are taking much longer to sell. Many local markets in these areas of the country remain slow, 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. The contrast is most prevalent in Mablethorpe, where the typical number of days to sell a property currently stands at a giant 246 days.
The study indicates that the time it takes to sell is highly location dependent. The demand for property in and around the capital remains high and, consequently, the average time to sell across the UK is 49 days or less.
"This study shows that the property market is functioning very well in many parts of the country,” said Doug Shephard, Director of Home.co.uk. “Closer inspection of the high performance areas reveals thriving local economies driven by above average household incomes and greater confidence about economic futures.”
It is also clear that price falls in struggling markets are not enough to stimulate transaction levels. 'Help to Buy' schemes could be focussed on these deflating markets, and that would deliver real help where it is needed.