Revealed: the cities where houses sell like hot cakes
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:
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.
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.
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.
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.
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.