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. Having lived and rented in the city for many years, the idea of owning my property seems a very remote daydream. I do know some people who have bought their own houses, many of which have had some support of financial leg up the property ladder. However, it makes for interesting reading where else you could dream of buying!
Compare the Market Property Guide
No matter where you are in the country, buying or selling a property – whether for living or as an investment – can be a slow and pricey process. In London, however, 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.
If you need to move faster to capitalise on an opportunity, you have to know the market – and 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 takes 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.
Top Slot Hot Spots:
Regardless of whether you’re the buyer or the seller, you want to know if that property will move quickly and keep your stress levels low. 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 either, being only 6% above the national average, and with properties 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 could be 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, 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 their current owners, only 2.2 years.
Nottingham – Nottingham is popular with both students and workers, due to its Russell Group university and 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 – as well as a popular place to live – it can actually be tough trying to sell a place. Apart from the high costs (London houses sell for an average value of £635,881 compared with a national average of £292,893), London struggles with getting attention from estate agents, with 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.
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!
Author: Marie Ellis
People say write about what you know. So I did. I founded Broke Girl in the City – a smart girl’s guide to leading a fabulous lifestyle on a budget! A career spanning entertainment, bars & nightclubs (and frequenting them), film, music and TV, there isn’t much I don’t know about how to have fun in the city when completely broke.