According to the latest data from property website, Zoopla, properties across the UK are taking an average of 34 days to sell compared to the 22-day average recorded at this time last year, however, the North West has topped the list of regions taking the shortest amount of time to sell with Manchester and Salford taking the second and third spot on the list – taking 21 and 23 days to sell respectively.
While property demand across the UK has expectedly declined the closer we get to the festive season, properties on the market are taking on average almost two weeks longer to sell than last year with the average property now taking 34 days to sell. However, Manchester and Salford have been named the second and third fastest property markets in the UK as properties in these cities are taking on average 21 and 23 days respectively to sell – just one day under and one day over the average from last year, and both 13 and 11 days shorter than the country’s average for this year, according to property website Zoopla.
As demand within the UK property market has altered over the last 12 months, only nine of the previous 25 fastest areas to sell remain on the list this year since demand for properties in locations that saw the least amount of house price growth over the last year has significantly decreased.
Property demand in the North West has significantly increased over the last three years despite always maintaining a high level of buyer demand across all markets and making up seven of the 25 fastest markets across the country, in comparison to the Southern regions and London – which only features on the list once.
“With buying power reduced by up to 20% thanks to rising mortgage rates, the most affordable homes across the country are selling the fastest. Naturally, this favours markets in the North West and North East of England, where the average home is between £72,000 - £125,000 less expensive than the national average.”‘‘
Research by Zoopla also shows that while Manchester, Salford, and Liverpool make up the top three in the list of 25 fastest-selling markets across the UK, the buyer demand for properties that are in line with rental demand is highest, with one-bedroom and single occupancy apartments selling the fastest of all property market classifications with four bedroom detached homes taking the longest to sell at an average of 53 days – 19 days longer than the national average.
At Beech Holdings we have always worked to provide our investors and clients with the most profitable investments that fall in line with rental demand across the UK rental market, therefore, single-occupancy apartments are what we deliver in the cities with the highest levels of rental demand.
To learn more about how you can benefit from the increasing demand in both Manchester and Salford in the new year and secure your future investment, get in touch with our team or call directly at +44 (0) 161 791 4600.