Canterbury tops the charts, and don’t hold your breath over a London buy!
- Latest data from Compare the Market shows that London property is on average a whopping 50% – 80% more expensive than other UK hotspots
- What’s more, houses in London take a lethargic 89 days to sell, meaning that sellers spend at least a quarter of the year in limbo
- This contrasts with markets like Canterbury, where sales can be completed in less than a month (just 28 days)
When this press release landed in my inbox, it made for depressing reading. I have lived in the city for many years and rented. The thought of owning my property seems like a distant dream. I do know some people who have bought their own houses. Many of them received some financial support to get a leg up the property ladder. However, it makes for interesting reading where else you could dream of buying!
Compare the Market Property Guide
Buying or selling a property is a slow and pricey process, no matter where you are in the country. This applies whether it is for living or as an investment. In London, however, long bargaining periods and middle agents are involved. Finding a suitable home initially can be challenging. These factors mean that from start to end, buying or selling a property can take months.
You have to know the market if you need to move faster to capitalise on an opportunity. Compare the Market has produced a guide with that in mind. Detailing the locations with the fastest moving property hotspots for new buyers and investors alike in the UK. The report considers the number of days properties stay on the market. It also examines how many years current owners have lived in their properties. As well as other helpful information including estate agents in the area and the number of properties available.
Top Slot Hot Spots:
You want to know if that property will move quickly. This will keep your stress levels low, regardless of whether you’re the buyer or the seller. Have a look at the best options for getting it done below:
Canterbury – Aside from above-average property costs of £311,774, Canterbury is a gorgeous place to live – but the costs haven’t put buyers off, as properties sell on average in 28 days, the lowest in the country.
Bristol – Bristol is a great option for those looking to stay in a busy city. Costs aren’t unreasonable. They are only 6% above the national average. Properties are only owned by their current owners for 2.5 years on average. It’s a quick turnover on the market.
Southampton – Southampton properties go in a blink, being only on the market for an average of 40 days. It is a smart investment, as it’s also home to below average purchase prices.
Manchester – Manchester is the cheapest location to buy in the top five. The average purchase price is £186,069, compared with a national average of £292,893. It also has the shortest average time inhabited by their current owners, only 2.2 years.
Nottingham – Nottingham is popular with both students and workers. This is due to its Russell Group university. It also has a powerful local economy. Like Manchester, prices are low, and current owners haven’t lived there long, 2.8 years on average.
Slow London Living:
Despite being the UK’s most populous city and the capital, it can be tough trying to sell a place. London is a popular place to live. London has high costs. Houses in London sell for an average value of £635,881 compared with a national average of £292,893. London also struggles with getting attention from estate agents. It has only 41 per 100,000 people, one of the lowest in the UK.
Even more telling is how long properties stay on the market. An average of 89 days, faster only than a handful of cities, including Cardiff and Hull.
Get Moving!
Buying or selling, the data says you need to get going with your property – have a look at the rest of the locations where you’ll find a fast turnaround on the Compare The Market guide here. Good luck!
