Properties in Newcastle are snapped up nearly twice as fast as those in Blackpool, according to newly released research from OnTheMarket.
New research from property portal, OnTheMarket explored the pace of the country’s sales markets and found that Newcastle upon Tyne is ranked the fastest location in the country to go under offer.
The property portal’s Under Offer Index revealed that Newcastle’s average transaction time – measured from when a property first goes on the market to an offer being accepted or sold subject to contract is 40 days in the three months from December 2024 to February 2025. 56% of homes in Newcastle take just 30 days to have an offer accepted.
Fastest markets
1: Newcastle upon Tyne - 40 days average transaction time
2: Bristol - 42 days
3: Plymouth - 43 days
4: Sunderland - 43 days
5: Crawley - 44 days
Newcastle moves up five places from the same period last year (Dec 2023 – Feb 2024), knocking Plymouth off the top spot. The southwestern city is now the third fastest location to go under offer in the ranking (taking 43 days). Notably, average transaction times have slowed in the past 12 months, as Plymouth took just 36 days to go under offer last year, with second-placed Wigan taking just 37 days. This time around, no region had an average turnaround time of less than 40 days.
Bristol comes a close second to Newcastle – having moved up 16 places from last year – with homes taking on average 42 days to go under offer, compared with 45 days 13 months ago. year. Plymouth and Sunderland (both 43 days) and Crawley (44 days) complete the top five fastest regions for an acceptable offer to be received.
Slowest markets
Meanwhile, the seaside resort town of Blackpool was the slowest sales market in our survey, consistent with last year’s bottom-of-the-table ranking. Vendors took on average 74 days, nearly two-and-a-half months, to accept an offer, even longer than the 69 days it took last year. With second-from-bottom Blackburn taking 61 days to go under offer, Blackpool vendors are taking 15 days longer to reach the same stage in the buying process. Less than a quarter of Blackpool homes (23%) went under offer within 30 days.
1: Blackpool - 74 days average transaction time
2: Blackburn - 61 days
3: Slough - 60 days
4: London - 59 days
5: Brighton - 59 days
Slough (60 days) and London and Brighton (both 59 days) complete the top five slowest regions to go under offer.
In London, Havering was the fastest London borough, taking 44 days to go under offer, while the slowest borough, the City of Westminster, took not far off twice as long, at 79 days. Last year’s index saw Bexley top the table as the fastest London borough, taking an average of 43 days, while the slowest was the City of London, where it took a far longer 83 days.
Fastest London boroughs
1: Havering - 44 days average transaction time
2: Bexley - 47 days
3: Waltham Forest - 49 days
4: Barking and Dagenham - 51 days
5: Sutton - 51 days
Bexley (47 days to go under offer), Waltham Forest (49 days) and Barking and Dagenham and Sutton (both 51 days) complete our top five fastest London boroughs on the sales front.
Slowest London boroughs
1: City of Westminster - 79 days average transaction time
2: Lambeth - 74 days
3: Hammersmith and Fulham - 72 days
4: Richmond upon Thames - 72 days
5: Wandsworth - 71 days
At the other end of the table, Lambeth (74 days), Hammersmith and Fulham and Richmond upon Thames (both 72 days), and Wandsworth (71 days), complete the top five slowest London boroughs to go under offer.
“It’s not easy to identify geographical trends from our under-offer data, suggesting that transaction speed is largely down to local housing markets," explained Jason Tebb, president of OnTheMarket, "A number of factors influence the speed in which it takes to go under offer, including demand and competition among buyers, stock levels, pricing and affordability.
“The Newcastle property market may be moving briskly, but that’s no comfort to sellers in Blackpool, where the pace is considerably slower.
“However, vendors and buyers can take steps to speed up the process if they wish to proceed more quickly, particularly if they are in an area which seems especially slow. A good local agent with plenty of experience is a great place to start, ensuring properties are priced sensibly before hitting the market and that buyers are qualified, serious prospects. Both sides should get all their paperwork in order and engage a good solicitor ready to respond to any enquiries in a timely manner.”