The latest research from OnTheMarket has revealed the country’s fastest and slowest paced markets, naming buyers and sellers in Plymouth the quickest movers, with the waterfront city ranked the fastest location to sell a home last month.
The first edition of the portal’s Transaction Speed Index (TSI), released today, shows Plymouth’s average transaction time – measured from when a property first goes on the market to an offer being accepted or sold subject to contract (SSTC) – is just 32 days.
Newcastle-upon-Tyne came a close second, with homes taking on average 35 days to sell, followed by Luton and Bristol in joint third place (both 37 days). Last year’s fastest town, Swindon, slipped to fifth on the list, with the average sale taking 38 days this year compared with 30 a year ago.
Plymouth and Newcastle are the two locations with the largest proportion of homes selling within 30 days, with 63% and 62% respectively, compared to 41% of homes in London.
Meanwhile, the seaside resort of Blackpool proved to be the slowest sales market with vendors, taking on average 62 days, or just over two months, to sell, almost twice as long as in Plymouth.
Slough is the second slowest, at 54 days, with London and Rochdale in joint third (both taking 53 days on average), followed by Bournemouth (50 days). They all have the highest proportion of homes taking over 30 days to sell, ranging from 71% to 59% respectively.
Even within a city there can be substantial differences. In London, known for its various ‘micro markets’, the fastest borough for sales is Bexley, with the average transaction taking 41 days, compared with 70 days in the City of Westminster and Kensington & Chelsea, the two slowest boroughs.
Jason Tebb, President of OnTheMarket, said: “With a good mix of southern and northern towns making up the fastest and slowest regions on our list, the north/south divide can’t be used to explain away varying transaction speeds. A combination of regional factors is coming into play including demand, available stock, number of applicants, competition and pricing.”
“From setting the price of the property correctly in the first instance to marketing it in the most advantageous way, a knowledgeable agent can make all the difference to the success and speed of a sale.”