11 Aug

UK homes selling quickly

UK homes selling quickly

The latest results show that it takes the average home 88 days to sell in the UK - 16 fewer days than a year ago.

Figures from Move with Us revealed that this is the fastest time since 2007 and shows the property market is still in good form.

Properties within Greater London were the fastest selling during the second quarter of the year - being purchased within an average 43 days.

Other regions of the UK reporting quick sales were the South East and East Anglia - taking a respective 59 and 68 days.

Areas of the UK that are a little slower include the North East, where the average selling time stood at 138 days in the second quarter of 2014, but this remains 26.6 per cent or 50 days quicker than compared to the same point in 2013.

"The market has gained a spring in its step thanks to increased confidence and more readily available funding bringing more buyers to the market,’ said Robin King, director at Move with Us.

He added: "Faster selling times have now spread outside Greater London and the South East where competition has always been relatively strong compared to areas such as the East and West Midlands where the market has taken longer to recover."

The data also revealed that the average selling time is almost back to pre-crash levels so urged buyers looking for their dream property to make sure they are well-placed to beat off the competition to secure their next home.

A different survey has also found that sales in England and Wales have reached a seven-year high.

The LSL house price index shows that the average price now stands at £270,636, but the growth is being driven by London and the South East.

Across the UK, annual price growth stood at 9.9 per cent over the past 12 months, but this falls to 4.6 per cent when London and the South East are excluded from the data.

The index showed there were 90,000 property sales last month - ten per cent higher than in June.

David Newnes, director of Reeds Rains, said first-time buyers and buy-to-let landlords are playing a key role in the UK real estate market at the moment.

"As the common property choice of a new buyer or investor, flats have seen the largest increase in sales during the second quarter of this year, rising by 36 per cent compared to the second quarter of 2013," he added

"But chequered supply across the country has created considerable regional variation in sales. London and the South East have seen the slowest growth in house sales between the second quarters of 2013 and 2014."ADNFCR-1222-ID-801741087-ADNFCR

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