The average time it takes to sell a home has reduced to 44 days thanks to high demand and much faster for the top ten locations.
Wigan is the top location in England and Wales to sell a home according to Zoopla, with properties selling in only 26 days subject to contract compared to the national average excluding London of 44 days.
First time buyers and home movers are looking for more space and the preferred property type is a 3-bedroom semi-detached house in the £100,00 to £150,000 price range.
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The pandemic has shifted home buyers priorities as more work from home and houses are taking an average of 42 days to sell across the country whereas flats are taking 62 days.
Northern region homes are selling fast
Of the top twenty fastest selling homes the majority are in northern regions with second place taking 27 days shared between Redditch, Knowsley, Salford, Sheffield and Medway.
This table from Zoopla shows the top ten towns with the fastest selling property types and the best price range.
| Town | Property type | Price range |
Days |
|---|---|---|---|
| Wigan | 3-bed semi | £100-150k | 26 |
| Redditch | 3-bed semi | £150-200k | 27 |
| Knowsley | 3-bed terrace | £150-200k | 27 |
| Salford | 3-bed terrace | £100-150k | 27 |
| Sheffield | 3-bed semi | £150-200k | 27 |
| Medway | 2-bed terrace | £200-250k | 27 |
| Liverpool | 1-bed flat | £150-200k | 30 |
| Port Talbot | 3-bed semi | £150-200k | 31 |
| Isle of White | 3-bed semi | £150-200k | 32 |
| Bridgend | 3-bed semi | £150-200k | 32 |
House prices are up 4.1% year-on-year in the UK with average prices of £226,400 making it harder for first time buyers to get on the property ladder.
If you are using equity release to give a child or grandchild the deposit for a new home using a lifetime mortgage, provider fixed interest rates are under 3.0% pa reducing the costs.
The only locations in the south of England in the top twenty were Medway on the market for 27 days, Isle of White selling in 32 days and Bristol selling in 33 days.
Average property values were the highest in Bristol with the fastest moving property type being 2-bedroom terrace and price range of £300,000 to £350,000.
There is more demand to live by the seaside with properties located in Medway in Kent, Isle of White, Neath Port Talbot and Bridgend.
For older homeowners it is possible to improve the quality of your life by moving to a coastal town and buying a dream home in retirement using equity release.
Fastest moving locations in London
None of the locations in the top twenty were in the capital and the fastest selling was Waltham Forest in north London taking an average 35 days from listing to being sold.
The fastest moving property type in Waltham Forest is a 2-bedroom terraced house and price range of £400,000 to £450,000.
The average time to sell a home in London is 65 days which has been impacted by travel restrictions due to the pandemic particularly in central zones.
There is more activity in outer London or locations around the capital with Barking and Dagenham taking 39 days to sell and Bexley taking 41 days as buyers source cheaper homes with more space.
For remortgage buyers rather than moving to add more space they could stay where they are and consider adding more space to their home with an extension or loft conversion.
What are your next steps?
Speak to our London City Mortgage advisers if you intend use lifetime mortgage, downsize your home or buy a larger property. Learn more by using the equity release calculator, mortgage costs calculator and property value tracker chart.
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