When looking at data from around the country, it is evident that the time taken for properties to sell fluctuates significantly depending on location.
Natural peaks and troughs occur and different property types and numbers of bedrooms can have an effect on how long it may take for a property to change hands.
Although a quick home sale may not be the top priority for some vendors, it is fair to say that when your property does go on the market, the quicker it sells the better. A key consideration is to try and time your sale as that you hit the market at a time of high house buyer activity.
We’ve taken a look at some of the data from a selection of UK cities from Home.co.uk’s ‘Time on the Market’ reports – the data compares average times on the market for properties in specific areas.
As expected, there are some areas with impressive figures for vendors, and certain locations where average times on the market are closer to a year – not positive reading for people thinking about selling up in these parts. (London and the whole of the South East!)
For example, in Bristol, terraced properties are selling at a quicker rate now than a year ago – the average time on the market in February 2013 was 120 days and data for February this year shows an average of just 73 days, a decrease of 39%. Good news for those living in the West Country and some data to back up the well-documented resurgence of the property market in this region.
Unsurprisingly, data coming out of the capital is also positive in many respects. 142 days was the average time on the market for terraced properties in February 2013, compared to 106 days in February of this year, an impressive decrease of 25%.
From the selection of areas we looked at, Middlesbrough posted some of the more alarming figures for vendors. Since 2007, the average time flats for sale spend on the market has risen by 330%, from 104 days to 447 days. What’s more, for all property types across the board the figure has risen from 119 days to 307 days – an increase of 158%.
Now whilst this data is taken from before the recession, the current average times on the market are still exceptionally high, indicative of a stalling property market in the north east.
In Birmingham and Norwich, an indication of the disparity being experienced in certain areas, some property types posted shorter timescales on the market than a year ago, whilst others posted longer ones. The other most significant trend was properties with higher number of bedrooms taking longer to sell.
So it seems that where you live and the property type you reside in will undoubtedly affect how long it takes for you to sell. Using a service like ours, this needn’t be the case as we buy any property for cash.