Zoopla has carried out research and found the top 20 UK locations where properties sell the fastest. If you’re looking for a quick property renovation project, Zoopla has also discovered that 3-bedroom houses are proving to be the most popular property type too.
Zoopla’s analysis identified the 20 regions across the UK where properties were selling in around 30 days, if not less. Coming in top position was Falkirk in Scotland, with properties taking 20 days, on average, to sell ‘subject to contract.’ In both areas, Bridgend in Wales and Waltham Forest in East London was tied in the second position; offers were accepted on properties in just 24 days after they came on the market.
Surprisingly, the Midlands dominated their findings; five of the possible 20 locations situated in the West Midlands and three in the East Midlands county. London only featured once, and the South of England did not make the top 20 at all.
But what is causing fast property sales?
Due to the coronavirus pandemic, UK house prices have seen the fastest growth in nearly six years. This increase has been fuelled by the stamp duty holiday, with its fast-approaching deadline of 31st March next year.
Moreover, with the first national lockdown causing pent up demand, the aftermath saw a 50% increase in the sales pipeline. Buyers and sellers alike were keen to complete as quickly as possible in order to benefit from this tax break; with potential savings of up to £15,000.
The Top 20 Fastest Moving Markets
Zoopla’s findings were calculated as a rolling six month average from 1st May to 31st October 2020, with the average number of days on the market rounded to the nearest whole number.
Rank Local Authority Region Days on the Market
1 Falkirk Scotland 20
2 Waltham Forest London 24
2 Bridgend Wales 24
4 Liverpool North West 25
5 Salford North West 26
6 Sheffield Yorkshire and the Humber 27
6 Redditch West Midlands 27
8 Bromsgrove West Midlands 28
8 Walsall West Midlands 28
8 Stoke-on-Trent West Midlands 28
8 Leeds Yorkshire and the Humber 28
12 Bristol South West 29
13 Dartford South East 30
13 Nottingham East Midlands 30
15 Oldham North West 31
15 Gedling East Midlands 31
15 South Staffordshire West Midlands 31
15 Mansfield East Midlands 31
15 Trafford North West 31
15 Manchester North West 31
The Midlands has the Majority of the Speediest Markets.
Towns which are situated within a 40-minute drive from the city centre of Birmingham dominated the top twenty. Redditch came in joint 6th position with Sheffield, and Bromsgrove, Walsall and Stoke-on-Trent came one place behind with an average of 28 days on the market.
With the initial steps towards the implementation of the High Speed Two (HS2) underway, local investment has been encouraged, and house prices are on the rise. The HS2 is a new high-speed rail line that will connect London with Birmingham, Manchester and Leeds, making these locations more desirable for commuters and businesses alike.
The average house prices in and around Birmingham have increased by 8% since 2017. More and more people are looking to move nearer the centre before the HS2 is complete and house prices rise further.
For similar reasons, Leeds and Manchester also made the top 20 list; Leeds came in at joint 8th place alongside the majority of towns from the West Midlands, and Manchester just made the cut coming in at joint 15th with an average of 31 days.
Waltham Forest: the quickest-selling property market of all the London boroughs.
The only London borough to make Zoopla’s top 20 list was Waltham Forest; properties include within this area span Walthamstow, Leytonstone, Highams Park and Chingford. The area as a whole has the highest house prices than any of the other 19 fast-moving markets. In comparison with London house prices, the fastest-moving band in Waltham Forest is £400,000 to £450,000.
Bristol: the only location from the South West to make the top 20.
Bristol sits at 12th place in Zoopla’s table as houses, on average, spend 29 days on the property market. Unlike Waltham Forest, the prices of the fast-moving properties sit between £150,000 and £200,000; more often than not these properties are two-bedroom terraced houses.
Aside from Waltham Forest and Bristol, Dartford is the only other location to feature from the South of England. A favourite with commuters, Dartford in Kent sits at joint 13th place. Here, a three-bed terraced is particularly popular, with properties selling on average between £250,000 and £300,000.
What were the most popular types of properties in the top 20 areas?
Zoopla’s study evaluated that three-bedroom, semi-detached homes were the quickest to sell in 12 of the 20 markets. Two-bedroom terrace houses topped the list in five of the locations and one-bedroom flats in only two.
Houses priced at the lower end of the market proved to be the quickest to sell, those priced between £100,000 and £150,000 came top in 11 of the 20 markets. And, in second position, came properties priced between £200,000 and £250,000.