Northampton has fastest property market in UK
The fastest property market in the UK is not, as people might expect, found in any of the large and popular cities across the country. Instead, it is Northampton that moves the quickest when it comes to houses on the market, according to new figures from Zoopla.
A new survey by the estate agent looked at 50 cities and large towns outside of London to assess how long it takes for a property to be taken. It analysed the time between a home being put onto the market and when it was registered as under offer on the website to find that properties in Northampton get snapped up faster than other areas in the UK.
According to Zoopla's findings, homes take just 27 days on average to go under offer. This is half as long as it takes houses in Wales to sell, suggesting that the east Midlands town is the latest property hotspot.
Second on the list was Milton Keynes, where homes have an average selling period of 29 days. This was followed by Croydon (30 days), which is popular for those commuting to London, Edinburgh (32) and Glasgow (33).
Lawrence Hall from Zoopla said: “Whether you’re a first-time or seasoned property seller, one thing that is impossible to predict is the timing of the first offer on your home.
“The national average period between listing a home for sale and achieving an offer is well under two months at 47 days, while sellers in Northampton can expect an offer in an average of just 27 days.
“Regardless of where you are selling, giving your home a bit of TLC and enlisting the help of a good estate agent with knowledge of the local market, is likely to help your sale.”
When it comes to London, Zoopla discovered that the fastest-selling properties were in suburbs that are considered to be less fashionable, with properties in Sutton on the market for just 28 days. Bexley and Havering had an average time of 29 days as people move away from the inner city.
The fact that property markets are moving so fast means that landlords looking to expand their portfolios need to ensure they have everything in place quickly so as not to miss out on great houses.
There is also a good chance that the rental market will follow suit, with tenants quickly taking properties that catch their eye. In order to keep up with the pace, landlords should ensure that their properties are ready to be moved into while letting agents should move fast with tenant checks to help keep properties full.