1 in 10 homes currently selling within a fortnight
Are you thinking of selling soon? You’re probably wondering how long the process will take.
Right now, your chances of achieving a fast sale are strong, despite the recent rise in interest rates.
This is partly linked to the high demand experienced by the property market since the pandemic, which has created a dip in the number of homes available nationwide.
Specifically, it takes a typical UK seller 97 days between listing their home and selling it subject to contract.* By breaking down the data, we see that 11% of properties only take two weeks to see the same result.
However, the picture does alter slightly depending on the region. For example, Scotland is proving to be a hot market, with fortnight sellers rising to 18%. This figure increases to a whopping 23% for Edinburgh homeowners.
The Southwest is another fast-moving region, which is unsurprising given the attention it received from buyers during the height of the pandemic. Post-COVID, demand in this area is still rocketing, boosting prices by 17% since 2019.* 13 of properties here sell within the two-week period, and 16% for Bristol.
Meanwhile, the East of England, the West Midlands, and Wales sit just above the average at 12%. Other hotspots include Portsmouth and Birmingham. Interestingly, the London market is a little slower, with buyers snapping up 7% of properties within a fortnight.
While some forecasters predict a slowing down of the market as interest rates rise to tackle inflation, the short-term market remains robust. Listing now could be a great way to maximise your chances of a fast and profitable sale.
Not sure how much your home is currently worth? Book a valuation today to find out.
*Data sourced from an analysis by estate agent comparison site, GetAgent
*Rightmove (July 2022).
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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