You are here: Home - Mortgages - Buy To Let - News -

Revealed: the cities where houses sell like hot cakes

Written by: Paloma Kubiak
Whether you’re buying your forever home or an investment for the future, buying and selling property can be a long and slow process. Here are the cities with the fastest moving properties.

Buying or selling a property can take months given the time spent finding a home, negotiating price, legal searches and mortgage paperwork.

But research from Compare The Market reveals the UK locations with the fastest moving property hotspots for new buyers and investors.

Taking into consideration the number of days spent on the market, the number of years lived in the property by the previous owners and the number of properties available, it’s ranked the property hot spots:

  1. Canterbury
    Despite above-average property costs of £311,774, Canterbury’s costs haven’t put buyers off, as properties sell on average in 28 days, the lowest in the country.
  2. Bristol
    A bustling city where costs are still considered reasonable, being only 6% above the national average. Properties are only owned by their current owners for 2.5 years on average, so it’s a quick turnover on the market.
  3. Southampton
    Properties here sell after only being on the market for an average of 40 days. It could be a smart investment as it’s also home to below average purchase prices.
  4. Manchester
    The cheapest location to buy in the top five, with an average purchase price of £186,069, compared with a national average of £292,893. It has the shortest average time inhabited by current owners, only 2.2 years.
  5. Nottingham
    Popular with both students and workers, due to its university and a powerful local economy, prices here are low. Current owners haven’t lived there long, 2.8 years on average.

What about London?

Despite being the UK’s most populous city and the capital, it can actually be tough trying to sell given the high costs (London houses sell for an average value of £635,881 compared with a national average of £292,893). It also has fewer estate agents per capita, at 41, compared to the 219 agencies reported for Canterbury.

Properties in the capital tend to stay on the market for much longer – an average of 89 days.

Londoners tend to stay put in their homes for an average of 6.9 years.

Within the top 10, homeowners in Coventry stay put for the longest time period, averaging 12.5 years.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
brexit vote
Pension savers wary of Brexit but average pot has gone up since Referendum

An increasing number of millennials think the value of their pension funds will fall because of Brexit.