Good news for sellers, according to figures from the Post Office Mortgages released this week. They have revealed that the speed of selling a home in the UK has picked up and the process now takes just 58 days on average – 11 days less than the previous year.
Homeowners in Birmingham have seen a strong drop of 16% in the time it takes to find a buyer for their property in the past year, and a 2.6% uptick in prices. Liverpool, Sheffield, and Manchester – amongst other northern cities – have also experienced a decline in the time needed to sell their homes, despite the more humble growth in property values. In Liverpool, for example, it now takes just 18 days for a property to be sold, a staggering 63% less than a year ago and more than two weeks less than London.
In the North West, for instance, people now take an average of 62 days to sell a house compared to 90 days 12 months ago. The shorter selling process means that demand for residential property in the region is on the rise, the researcher claimed.
In terms of price growth, the London house market was the top performer with a 9.3% uptick in values.
There has also been a decline of more than 15% in the length of the home selling process in cities including Plymouth, Brighton, Bristol and Derby. Although some of the areas are yet to experience solid growth in property values, the shorter selling process indicates a strong improvement in market conditions.
If you want to get your property snapped up, it seems now is the time to sell.