In what’s becoming a sign of the times, the time it takes to sell property has halved since 2019, research from TwentyEA shows.
The average time to sell has gone from 75 days in 2019 to 47 days today.
The area seeing the biggest change is the North East, which is the only region of the UK where the average time to sell a property has more than halved since 2019, from 98 days in 2019 to 47 days today.
Inner London is the least changed region, where it currently takes 80 days on average to sell a property. This is the slowest region of the UK to sell a property, followed by Northern Ireland at 67 days.
There is plenty of evidence of a continued ‘flight to green spaces’, with more remote areas in the UK experiencing the highest growth in prices, and in many cases, the largest shortening in time to sell.
The map below shows in orange those regions that experienced lower reductions in time to sell and green for those that experienced higher reductions in time to sell.
Katy Billany, executive director of TwentyEA, said: “Our analysis shows, based on real-time, whole of market data, that over the last few years, prices have nearly doubled whilst the time to sell properties has halved.
“This is perhaps not surprising given the buoyant market we’ve seen over the last two years, but looking at the detail at a regional and local level is particularly interesting.
“The most recent Nationwide House Price Index for June has indicated that while property prices are continuing to grow, the growth rate seems to be dropping so it will be interesting to see whether that trend continues throughout the second half of the year.
“Whilst high property prices are good news for sellers, we’re seeing many potential purchasers in lower price brackets priced out of the market and the cost of living crisis is not helping with the chronic lack of stock.
“Even if house price growth does continue to slow throughout the rest of the year, it’s unlikely that it will be at a significant level as demand remains high.”
Over the last five years property prices have seen an annual growth rate of 6.3% nationally.
TwentyEA analysis shows that the strongest regions for price growth are Wales and the South West, with demand also strong in the rest of England (outside of London). Demand is not as strong in London, Scotland, and Northern Ireland.
