Recent research has illuminated the variances in how quickly different types of properties are selling across the UK. The findings, sourced from the latest TwentyCi and TwentyEA Property and Homemover Report, pinpoint which types of homes are flying off the market and which are lingering.
In Wales, detached homes are taking longer to sell compared to other regions, with an average time on the market of 92 days. This duration is 18% longer than the national average for detached properties. In stark contrast, semi-detached homes in Scotland are the quickest to be snapped up, taking just 37 days to sell—37% faster than the national average.
England presents a mixed bag in terms of sales times. Flats in Inner London are particularly sluggish, requiring an average of 89 days to secure a buyer. Conversely, terraced homes in the West Midlands and semi-detached houses in the North East are both selling briskly, typically within 53 days.
Strength of the Scottish Market
Katy Billany, Executive Director of TwentyEA, highlighted the robustness of the Scottish property market, “Our analysis demonstrates the strength of the Scottish market. Properties here sell fastest, are most likely to sell, proportionately sell for the highest price, are less likely to be reduced and are significantly less likely to fall through, because of the Scottish legal system. Throughout the rest of the country, the picture is more varied. Understanding how local market trends compare nationally is vital if agents are to increase their likelihood of winning an instruction. Having the very latest data at their fingertips ensures they can enhance their excellent service level and communicate an informed opinion of the market among vendors and potential landlord clients. While the market is performing well, all things considered, we recognise there are challenges with mortgage rates and possibly a new government in the coming months, meaning up-to-date market analysis has never been more important for sellers.”
Challenges and Trends in the Market
Despite a generally positive outlook, the property market faces challenges such as fluctuating mortgage rates and potential political changes. The latest market analysis, therefore, remains crucial for sellers. The report also sheds light on the dynamics at the high end of the market. The supply of super-premium homes (priced above £1.5 million) has increased by 16% year-over-year, but demand has only grown by 7%, suggesting that these properties may take longer to sell.
Price Trends and Future Outlook
Over the last five years, the average price per square foot of residential property has surged by 21.4%. This increase was driven by high demand following the reopening of the property market in May 2020 and the subsequent Stamp Duty holiday. However, the last year has seen a slight downturn, with the average price per square foot decreasing by £4, or 1.1%, settling at £329.
Billany notes a distinct North-South divide in price growth over the past year. Only four regions experienced positive growth in square footage prices, with Northern Ireland and Scotland leading. In contrast, the largest declines were observed in the southern regions, particularly in Outer London.