- Tue 11 Apr 2023
Following recent analysis from property website, Rightmove, it reveals that Falkirk (22 days) is the fastest selling location in Great Britain followed by Broxburn (23) and then Renfrewshire (24), in fact 7 of the top 10 locations are in Scotland!
The data also shows all these locations are finding buyers slower than the same period last year, during what many will be aware was a record time for securing a buyer across the UK due to the shortage of available properties. With the market having slowed and more properties to choose from, added to by increased mortgage rates and the cost of living impacting some people’s ability to buy, the whole country is experiencing slower average times to secure a sale on their home.
The slowest location in the UK is London with an average of 65 days, with other locations such as Ferndown in Dorset, Brixham in Devon and Heysham in Lancashire all highlighted for being noticeably slower compared with this time in 2022.
Kai Logan, Bradleys Marketing Director, explained “This is not surprising data that Rightmove have revealed with the biggest single reason being the volume of property for sale in any location. If there are less properties for sale, the average time to sell will usually be shorter. The interesting statistic for me is the average times to find a buyer in 2023 are lower than in 2019 pre-pandemic times, particularly when there were so many media reports of a recession and property crash, which is far from what we have actually experienced and are in fact selling homes more quickly!”
So how about the South West hot-spots and not-so-hot spots? Well as Bradleys Estate Agents are the largest independent Estate Agent in the South West we have analysed our data showing that the fastest selling spots are Shaldon followed by Exmouth, Taunton then Camborne and Exeter making up the top 5. Slower locations, where perhaps there are simply more properties to choose from include Newton Abbot, Newquay, Brixham, Callington and Helston.
Kai continues “As you can see with our regional results, it is usually about supply and demand and when you break this down further, about property styles and prices with cheaper houses proving quicker to find a buyer for than family and larger, more exclusive homes. We do tend to find over the next three months these results are likely to change when buyers have been found on the cheaper homes people start moving up the housing ladder. If you also add into the equation that mortgage rates have settled and even reduced in some cases recently, we anticipate a busy spring and summer market ahead.”
If you are looking to find your next home, you can register on Bradleys Estate Agents mailing list via their quick and easy online form, by clicking here.
Should you be thinking of selling or letting a property and require an accurate market appraisal, you can arrange this in a few easy steps by clicking here.
For similar articles about the regions property market, such as how moving has changed in the last decade or maybe Bradleys latest market update video, check out the latest new section.For similar articles about the regions property market, such as how moving has changed in the last decade or maybe Bradleys latest market update video, check out the latest new section.