Liverpool and Manchester have become the prime hotspots in the property market, with homes selling at an incredibly rapid pace. To be precise, homes in Liverpool are on the market for a mere 17 days before being snatched up, reflecting a vibrant demand in the region.
Furthermore, homes in Salford, Basingstoke and Deane, and Sheffield aren’t lagging too far behind, taking a reasonable average of up to 24 days to sell. In contrast, properties in southern England, Wales, and the Midlands are witnessing slower sales, taking nearly two weeks longer to sell compared to 2022.
England’s Property Snapshot
On a broader scale, across England, the average home finds a new owner within 34 days, according to figures released by Zoopla. This points towards a relatively balanced market, with some regions acting as outliers.
London’s Mixed Bag
Venturing into the capital, Waltham Forest emerges as the only London borough where homes are selling faster than the national average, finalising sales in roughly 24 days.
However, it’s a different story for more upscale properties. In the heart of London, premium detached homes boasting four or more bedrooms are lingering on the market for approximately 59 days.
Property Types and Their Demand
Diving deeper into property types, two-bedroom terraced houses are the stars of the show in most regions. Meanwhile, larger four-bedroom homes are witnessing a slower churn rate. In areas like the North West, one-bedroom flats are the top choice, being sold within 21 days and being priced around a palatable £100,000. In stark contrast, four-bedroom homes in the same region are taking approximately 53 days to sell, with a heftier price tag close to £477,000.
For context, homes in the North West and North East are typically priced between £72,000 to £125,000 less than the national average, as highlighted by Zoopla’s findings.
Economic Factors at Play
Recent changes in economic conditions have cast a shadow of contemplation over buyers. The hike in mortgage interest rates and escalating living costs have caused many potential buyers to tread with caution. Izabella Lubowiecka, a senior property researcher at Zoopla, offered insight into this trend. She pointed out that while the time to close a property sale has seen an increase over the past year, it is merely a shift towards the standard market conditions observed pre-pandemic.
Nationwide’s House Price Overview
Complementing this data, Nationwide’s recent publication unveiled that house prices surprisingly climbed by 0.9% last month. However, a deeper dig shows that they are still 3.3% lower than October the previous year and a substantial 5.23% (or £14,328) below their zenith in August 2022, which was before the mortgage rates began their upward journey. As of October, the average UK home is priced at £259,423, marking an increase from the previous month’s £257,808.