Property is selling faster in UK regions than 5 years ago

Bristol properties are selling in a quicker time than anywhere else in the UK

Homes in the UK are selling faster than they did five years ago, according to research from agents Strutt & Parker. Their figures show that the time from a property going on the market to being under offer is four weeks faster in 2017 than in 2012.

In 2012, it took an average 81 days for a house to be sold subject to contract. In 2017, that’s now down to 59 days, three weeks faster than half a decade ago.

The areas with the speediest sales are Bristol, where homes are sold on average in an astounding 34 days, with Coventry (35), Edinburgh (36, Glasgow (37) and Gloucester (39).

The Strutt & Parker data revealed that only three UK cities – Cambridge, Oxford and Aberdeen – have slower property markets than in 2012. While those three are well-known university cities, the first two in particular, their slower markets run contrary to the conclusion reached by Strutt & Parker that university cities are among the most successful property markets.

Resurgence in regional markets

Stephanie McMahon, head of research at Strutt & Parker, said: “There has been a resurgence in regional property markets in recent years. This is especially true of cities and has largely been driven by employment as companies have either consolidated regional hubs or set up new ones.

“The most successful cities, often those with universities, are able to attract highly qualified workers and offer a good quality of life, which inevitably leads to increased demand from home buyers.”

Glasgow saw the biggest difference in days to sell between 2012 and 2017 with a property in Scotland’s biggest city selling in 56 fewer days. In Edinburgh, the difference is 53 days, followed by Salford on 52.

A bright alternative to London

The Strutt & Parker research points to strong growth in the UK’s regions and cities in particular, identifying a trend where certain places have become strong alternatives to London because of career opportunities and the chance to get on the housing ladder.

James Mackenzie, head of country houses at Strutt & Parker, said: “There are several cities that are now seen as alternatives to London. Bristol is the perfect example: it has a booming tech hub, a broad range of housing stock and a fashionable harbour area. It is also commutable to London.

“As technology allows for more flexible working, the ability to commute for two or three days a week to the capital is having a significant effect on regional markets.”

James identified new homes and especially new-build apartments, selling without an upward chain, as one reason for faster sales.

The UK’s fastest property markets in days to under offer/sold STC

Bristol 34

Coventry 35

Edinburgh 36

Glasgow 37

Gloucester 38

Portsmouth 40

Southampton 40

Cambridge 40

Birmingham 42

Norwich 44