The average time it takes to sell a property in Britain has reduced to 88 days, 16 days faster (15.38%) compared to the same time last year and the fastest selling time recorded since 2007, according to recent research from Move with Us, the residential property group.
The latest data from the Move with Us Market Review showed 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 for Q2 2014 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 (26.60%) quicker in a yearly comparison and the second biggest change outside of Greater London since 2007.
| Region | Average selling time in Q2 2014 | % faster | Fastest selling time since |
| Greater London | 43 | 39.44 | May 2009 |
| South East | 59 | 24.36 | May 2009 |
| East Anglia | 68 | 20.00 | May 2009 |
| South West | 79 | 14.13 | May 2009 |
| East Midlands | 87 | 17.14 | May 2009 |
| West Midlands | 89 | 14.42 | May 2009 |
| Scotland | 106 | 15.20 | August 2010 |
| Yorkshire & Humber | 110 | 13.39 | May 2009 |
| North West | 114 | 13.64 | May 2009 |
| Wales | 129 | 11.03 | August 2009 |
| North East | 138 | 26.60 | May 2009 |
Robin King, Director at Move with Us, said: “The market has gained a spring its step thanks to increased confidence and more readily available funding bringing more buyers to the market. 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.”
“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. Buyers can get financially qualified 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.”
Image: Greater London properties sold in just 43 days on average, in the second quarter of this year.