It helps sellers and buyers if properties can sell fast and here are the results from Zoopla of the top 20 fastest selling UK homes.
Research from Zoopla shows the top 20 locations where property sells the fastest and leading is Falkirk in Scotland taking an average of 20 days to be sold subject to contract.
Selling fast can benefit home movers and first time buyers with joint second place for Bridgend in Wales and Waltham Forest in East London taking only 24 days after being listed for offers to be accepted.
Many properties selling fast are in the Midlands with eight out of 20 locations and this is important for home movers buying more expensive homes to beat the stamp duty deadline in March 2021.
The most popular to sell fast are three-bedroom semi-detached homes in twelve out of 20 top locations followed by two-bedroom terraced homes in five of the locations.
Pent up demand driving sales
Since the end of the Covid-19 lockdown and government introduction of the stamp duty holiday, demand for property has surged with sales 50% higher than last year.
Buyers have until 31 March 2021 to complete their purchase with stamp duty savings of £15,000 for properties worth up to £500,000.
This table from Zoopla shows the top twenty local authorities where properties are selling the fastest over six months from May to October 2021.
| Authority | Region | Days |
|---|---|---|
| Falkirk | Scotland | 20 |
| Waltham Forest | London | 24 |
| Bridgend | Wales | 24 |
| Liverpool | North West | 25 |
| Salford | North West | 26 |
| Sheffield | York & Humber | 27 |
| Redditch | West Midlands | 27 |
| Bromsgrove | West Midlands | 28 |
| Walsall | West Midlands | 28 |
| Stoke-on-Trent | West Midlands | 28 |
| Leeds | York & Humber | 28 |
| Bristol | South West | 29 |
| Dartford | South East | 30 |
| Nottingham | East Midlands | 30 |
| Oldham | North West | 31 |
| Gedling | East Midlands | 31 |
| South Staffordshire | West Midlands | 31 |
| Mansfield | East Midlands | 31 |
| Trafford | North West | 31 |
| Manchester | North West | 31 |
Homes in the top twenty locations are “sold subject to contract” in 31 days or less with Falkirsk leading taking only 20 days followed by Waltham Forest and Bridgend in 24 days.
Cheaper properties moved fastest in the price band of £100,000 to £150,000 in eleven out of the twenty locations.
For buy-to-let investors the pressure on sellers to find a buyer could mean they can negotiate a lower price knowing the sale can be completed quickly.
House prices have been rising since lockdown and one advantage for homeowners is remortgage buyers can now release capital for home improvements.
Midlands is fastest region for selling
Properties in East and West Midlands are moving the fastest with eight locations in the top 20 and in particular those towns within 40 minutes of Birmingham.
The leading locations are Redditch in seventh place taking 27 days to sell with Bromsgrove and Walsall in West Midlands and Stoke-on-Trent in East Midlands taking 28 days.
The only top twenty borough in the capital is Waltham Forest in East London which includes Walthamstow, Leytonstone, Highams Park and Chingford.
With large savings in stamp duty, the fastest selling properties in London are priced in the £400,000 to £450,000 band.
Bristol is the only location in the South East in the top twenty selling property in 29 days with 2-bedroom homes selling fastest and in the £150,000 to £200,000 price band.
Rather than selling your home, equity release buyers can secure fixed rates typically from 2.5% upwards and use the money to consolidate debt or improve your quality of life.
What are your next steps?
Call our LCM mortgage brokers if you are a buy-to-let landlord with a property, remortgaging and want the best mortgage deal, buying your first home or you are planning to move home.
For equity release buyers our London City Mortgage advisers can recommend lifetime mortgages allowing you to receive cash for home and garden improvements or even benefit a family member.
Start with a free mortgage quote or call us and we can take your details. Learn more by using the mortgage cost calculators, property value tracker chart and equity release calculator.
