Online estate agent Tepilo looks at where in the UK homes sell fastest, with historic Canterbury and alternative Bristol topping the list.
Will my property sell quickly? That’s the question any prospective seller will ask themselves when thinking about bringing their home to market.
Well, new research has now revealed the UK’s fastest moving property hotspots – the places were homes are snapped up in double quick time by eager buyers.
When selling your home, you’ll be eager for the sales process to go as smoothly as it can, and if you happen to live in the beautiful Kentish city of Canterbury your chances of selling fast will be high, if a new guide produced by Compare the Market is anything to go by.
Homes fly off the shelves in Canterbury
Canterbury, best known for its cathedral, its links to the Church of England and its status as a pilgrimage site in the Middle Ages (immortalised in Chaucer’s The Canterbury Tales), has an average selling time of just 28 days, the lowest in the country.
Homes don’t stay on the market here for very long at all, helped by high demand in an area that is seen as an excellent place to live. Its eclectic architecture, historic centre, proximity to the countryside, good local amenities and strong transport links make it very popular among buyers. The seaside is not far away – with Whitstable, Herne Bay, Deal and Margate all close by – while trains from Canterbury West station can reach London St Pancras International in around 53 minutes, making it a possible base for people working in the capital.
Properties also command an above average price of around £315,000, which will no doubt please sellers. Canterbury’s desirability, however, is not putting buyers off – rather than being deterred by the higher than average prices, they are still keen to nab a home in a very popular location.
Major regional cities also perform well
With prices that are 6% above the national average, Bristol offers a relatively affordable option for those eager to stay in the city – albeit one with a slightly more independent and alternative vibe. As a result, demand is high and properties are snapped up fast, with the city made famous by Brunel second only to Canterbury when it comes to average selling times.
If you’re eager to keep your stress levels low, and sell quickly, this is more likely if you’re selling in this part of the world. In recent years Bristol has seen a lot of people arriving from London – in particular young professionals who have been driven out of the capital by high house prices – and this has helped to keep demand high and consistent.
With prices still unaffordable for many in London, and the appeal of Bristol continuing to grow thanks to the quality of life it offers (it was, in fact, named the best place to live in Britain by the Sunday Times in 2017), demand is set to grow further in the foreseeable future. This, coupled with fast-selling times, makes the city a dream for those wishing to push through a quick, hassle-free sale.
In Southampton, too, properties tend to go in the blink of an eye, with the port city popular among families and young professionals looking for more affordable property prices. Homes are only on the market here for an average of 40 days, with Southampton’s excellent transport links, good local schools and wide range of cultural events giving it consistent appeal.
Its economy is boosted by its status as ‘the cruise capital of Europe’, with some four million visitors a year. It’s a tourist-friendly place, with museums, art galleries, plentiful green space and shopping facilities all on offer. While many choose to both live and work in the city, a journey time of 1 hour and 20 minutes from Southampton Central to London Waterloo means it’s also a conceivable location for commuters.
Manchester, meanwhile, was the fourth fastest-selling location – boosted by more affordable property prices than London and the South East – while Nottingham was in fifth place. Popular among both workers (thanks to its strong local economy and excellent transport links) and students (thanks to its two universities), Nottingham gives both buyers and sellers reasons to cheer.
For buyers, relatively low prices make it a more affordable city in which to buy a home, while sellers can be confident of consistently high demand – which, in turn, increases the chances of asking prices (or above) being achieved.
A slower process in London
While London is the UK’s largest and most populated city, and a very desirable place to live, it isn’t always the easiest city in which to sell a home. Despite high demand, high costs tend to put some buyers off (not surprising when you consider that the average London home sells for just over £635,000 in comparison to a national average of just over £292,000).
Consequently, properties stay on the market for much longer – an average of 89 days, in fact, which is faster only than a handful of cities, Hull and Cardiff included.
If, as a seller, you’re looking for a quick turnaround time on your property, you’re likely to fare better in locations like Canterbury or large regional cities such as Bristol, Southampton and Manchester; whereas you might have to wait a little bit longer if you’re selling a home in London.