Do Houses In London Sell Faster?
London was always the place to be in the UK, with graduates flocking down to the city to start their careers. With such demand, came higher property prices – and faster selling times. In fact, in 2015, flats in the capital cost 67% more than in 2005, compared with a UK average increase of 38% across all property types. But, is this still the case now?
The current housing market across the UK
On average, it takes 162 days to sell a property, from first putting it on the market, right through to completion.
But there’s one place in the UK where selling through an estate can take just 116 days – and that place isn’t London. Actually, it’s in Manchester – the M23 postcode, to be exact (that’s Wythenshaw and Sale, in South Manchester). Here, it takes an average of 91 days to find and accept an offer from a buyer, and 25 days to complete the sale.
However, when it comes to accepting an offer, it’s North Yorkshire that comes top of the list. Y062 properties get buyers typically within 54 days – although completion takes much longer, at 84 days.
When it comes to London, the borough of Kensington has the fastest selling times, taking 95 days on average, in total.
Life outside London
While there’s no doubt London offers a wealth of opportunities, over the last ten years, there has clearly been a shift towards regional cities.
With the BBC and ITV making the move to Manchester – creating ‘Media City’ – and more recently, Amazon opening up an HQ in the North West city, creating 600 new jobs; Manchester isn’t the only city to see London-based companies making the move.
With HMRC moving to Leeds, and HSBC and Deutsche Bank opening up in Birmingham; property demand has lessened in the country’s capital, with workers weighing up the options of living in regional cities instead.
London remains the priciest place to purchase property, with asking prices averaging £612,465 –£210,000 more than the country’s average asking price.
Whilst the rest of the country – especially north of London – have lower property prices, they are increasing. The Midlands saw the fastest annual price increases, at 4.2% YoY growth in the west, and 3.8% in the east.
For larger regional cities like Manchester, Leeds, Liverpool and Birmingham, property prices will only continue to rise, so if you’re considering purchasing a property, it’s probably ideal if you can do it sooner, rather than later.
How to afford these quickly moving targets
Whether you’re purchasing property in London or elsewhere in the country, when it comes to viewing houses, if you see one you like, you often have to act fast. If you only have a small deposit available, there are options such as the help to buy equity loan, and bridging loans, that you may be eligible for.
Ultimately, while there is still a huge demand for property in London – it is no longer the “only” place to be. With other regional cities showing no real signs of slowing down, if you’re going to invest in property, now is the time to do so. The only thing is, you’ll have to act quickly!
If you’re looking make the move quickly and want to sell your house fast, get in touch with us today to receive a free cash offer.