New index reveals fastest and slowest property markets

Plymouth has been named as the fasted location to sell a home in a new index.

OnTheMarket has unveiled a new monthly Transaction Speed Index (TSI), which reveals the country’s fastest and slowest paced markets based on how long it takes for a property to go under offer or sold subject to contract (SSTC).

The quickest area last month was Plymouth, with the fastest average SSTC time of 32 days.

Newcastle-upon-Tyne came a close second with homes taking on average 35 days to sell, followed by Luton and Bristol in joint third place (both 37 days). Last year’s fastest town, Swindon, slipped to fifth on the list, with the average sale taking 38 days this year compared with 30 a year ago.

Plymouth and Newcastle are the two locations with the largest proportion of homes selling within 30 days with 63% and 62% respectively, compared to 41% of homes in London.

Meanwhile, the seaside resort of Blackpool proved to be the slowest sales market with vendors taking on average 62 days, or just over two months, to sell, almost twice as long as in Plymouth. 

Slough is the second slowest at 54 days, with London and Rochdale in joint third (both taking 53 days on average), followed by Bournemouth (50 days). They all have the highest proportion of homes taking over 30 days to sell, ranging from 71% to 59% respectively.

Even within a city there can be substantial differences. In London, known for its various ‘micro markets’, the fastest borough for sales is Bexley, with the average transaction taking 41 days, compared with 70 days in the City of Westminster and Kensington & Chelsea, the two slowest boroughs.

Jason Tebb, president of OnTheMarket, said: “With a good mix of southern and northern towns making up the fastest and slowest regions on our list, the north/south divide can’t be used to explain away varying transaction speeds. A combination of regional factors is coming into play including demand, available stock, number of applicants, competition and pricing.

“Unfortunately, sellers (and to a lesser extent) buyers can’t choose or avoid an area based on how fast (or long) it takes to sell a home. But if you are in an area where the market is moving at a relatively modest pace and you need to move quickly, you can help yourself as much as possible by taking the advice of an experienced local agent.

“From setting the price of the property correctly in the first instance to marketing it in the most advantageous way, a knowledgeable agent can make all the difference to the success and speed of a sale. Other factors to bear in mind include getting all your paperwork in order before listing your home or starting a property search, using a mortgage broker to sort out finance if required, hiring a good solicitor and responding to any enquiries on either side in a timely fashion.”