Zoopla reveals fastest-selling property type in England!

- Wed 07 Aug 2024

A recent study from Zoopla shows that two-bedroom terraced homes have emerged as the fastest-selling property type in England and Wales between April and June 2024, with an average time to agree a sale of just 27 days, which is significantly quicker than the national average of 32 days.

According to Zoopla’s statistics in the last three months, 60% of sales for two-bedroom terraced homes were agreed within a month of listing, however only 7% of homes listed in the last three months were two-bedroom terraces. Traditionally, these homes have sold the fastest in pricier areas like London and the East of England. However, they are now also the fastest sellers in more affordable regions, reflecting changing buyer preferences amid increasing borrowing costs.

With other fast-selling property types include two-bedroom semi-detached homes, three-bedroom terraced homes and three-bedroom semi-detached homes.

These four types make up 46% of UK homes but only 32% of properties currently for sale, pointing to a shortage of affordable family homes and strong competition among buyers. Suggesting that sellers of these homes are likely to receive early offers if the properties are priced appropriately.

In contrast, detached homes with four or more bedrooms usually take the longest to sell, averaging 40 days to find a buyer, which is 13 days longer than the time needed to sell two-bedroom terraced homes. Earlier this year, an increase in the availability of four-bedroom homes has provided more options for buyers, but higher mortgage rates and lower demand mean that these larger properties are taking longer to sell.

Bradleys Estate Agents Sales Director, Darren Ellis, commented “We have noticed the increased demand from buyers for two bedroom houses over the last year, and expect even higher demand following mortgage rates becoming more competitive. The demand for three and four bedroom homes has increased over the last month, which suggests these will start to sell a little quicker in the coming months as the market responds from the general election.”

Following the recent news that the Bank of England made a significant decision by cutting the base interest rate from its 16-year high of 5.25% to 5%...we suggest contacting our mortgage advisors by clicking the link below to find out more or you can call the team now on 01395 222391!

Mortgage Advice | Bradleys Estate Agents (bradleys-estate-agents.co.uk)

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https://www.bradleys-estate-agents.co.uk/pages/customer-registration

Or if you are considering selling your home, arrange your free market appraisal here:

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Zoopla reveals fastest-selling property type in England!

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