Time on market shortest since 2008, raising competition among buyers

People looking to move home are now having to act faster than ever to get their hands on their dream property, with houses now selling at their fastest pace since the recession struck the market down.

According to the latest report released by Home.co.uk, the time a house spends on the market is down to an average of 90 days across the UK as a whole, which is the shortest time for sale at any time since April 2008.

It means that eagle-eyed buyers are having to purchase without delay and sell their home quickly to ensure they get themselves the home they’ve always dreamed of.

The mean time a house in the UK will spend on the market is now just 90 days – although when this is broken down regionally, some areas see properties being snapped up far faster.

In Greater London, buyers are having to act without delay to get their perfect home, with properties being listed for sale for an average of just 48 days before they find their new owner.

It’s a similar story in the south-east of the UK at the moment, and even though it is taking a little longer for properties to sell in certain areas in the north, markets in these locations are gaining strength all the time, and it certainly won’t be long until we’re having to move fast to buy all over the country.

Doug Shephard, director at Home.co.uk, commented:

The UK property market remains highly diverse in respect of marketing times. London seems a world away from the difficult and slow markets in the North. The sub-inflation price rises observed in Yorkshire, the North West, Scotland, Wales and the North East correlate well with the long marketing times shown above and indicates that, contrary to the rest of the country, supply is broadly in balance with demand in these regions. However, market conditions are currently improving rapidly in the North, Scotland and Wales. Hence, we may soon be able to add some, if not all, to the list of booming regional markets over the next 12 months. Goodness knows how the London and South East markets will look by then.

This content was written by Quick Move Now
Published on 30th June 2014
Last updated on 19th April 2017

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