The time it takes for a property to sell can be a crucial indicator of the market’s health. A quick sale often points to high demand, well-priced properties, and a buoyant market value. The North West, and specifically Liverpool, Manchester, and Salford, are currently witnessing some of the shortest selling times in the UK.
Current Market Trends
Presently, the UK property market is experiencing a unique set of circumstances. Affordability issues are impacting buyer demand, while low supply levels are influencing the market dynamics. Generally, areas with more affordable housing and significant housing needs, like large cities, are seeing properties sell faster.
Insights from Zoopla’s Research
A recent study by Zoopla highlights Liverpool, Manchester, and Salford as having the fastest-moving property markets. The average UK property now spends around 34 days on the market before a sale is agreed, down from 22 days in previous years. However, in Liverpool, this duration shortens dramatically to just 17 days.
Regional Highlights
Liverpool: A Market in the Fast Lane
Liverpool stands out with its remarkably quick 17-day average selling time. This is attributed to several factors:
- Affordability: Liverpool is one of the most affordable major cities in the UK, making it a highly attractive market.
- Economic Growth: Thanks to significant investment and regeneration, Liverpool has seen a growth in employment opportunities, enhancing its appeal.
- Regeneration Projects: Large-scale projects like Liverpool Waters have brought new homes and infrastructure, further energizing the market.
Manchester and Salford: Close Contenders
Manchester follows Liverpool closely, with properties taking an average of 21 days to sell. Salford is not far behind at 23 days. These cities share similar characteristics to Liverpool, such as more affordable housing options and strong tenant demand, making them equally attractive to investors.
The North East’s Competitive Edge
The North East region, including areas like North Tyneside, Newcastle upon Tyne, and Gateshead, also boasts a faster-than-average selling pace. These markets are competitive due to their lower prices and the reduced impact of mortgage rate hikes.
Why Are These Areas Thriving?
The Impact of Affordability
The affordability of housing in these regions makes them particularly resilient to market fluctuations. Lower house prices mean smaller mortgages are needed, buffering the impact of rising mortgage rates.
High Rental Yields
For property investors, cities like Liverpool are a goldmine due to their high rental yields. Tenant demand is strong, making these locations highly lucrative for landlords.
Economic Factors
The cost of living crisis and current economic conditions make affordable areas more desirable. Investors are keen on these regions as they offer a balance of affordability and opportunity.