South-east and London property sells faster than the national average

South-east and London property sells faster than the national average

Competition and demand are the mother of a strong property market, and are among the biggest reasons the UK property market has started to really pick up pace in the past 18 months, with government legislation and an improving financial situation nationwide making for an increased number of buyers looking at every home that comes to market. 

And according to the latest report revealed by Rightmove, this swelling number of buyers has been the reason for sellers having to wait for far shorter periods to find a buyer for their property.

The company said that in the past year, the nationwide average time to sell has fallen from 75 days to just 65 days. However, one area of the country has seen far more impressive timescales than any other - and unsurprisingly it's the south-east and London.

Cambridge sellers will see their homes snapped up quicker than any other, with these properties being on sale for just 27 days before being bought. Behind the popular university city was the London boroughs of Lewisham and Sutton, where sellers are having to wait just 29 days to find a buyer.

In London on average, the time on market fell from 60 days to 41 days, which marked a decrease of 32 per cent, while the south-east as a whole saw properties' time to sell falling down from 65 days to 51 days, which represented a drop of 22 per cent in the space of a year.

The real strength becomes evident when we look at how the market is performing elsewhere, though. While time to sell is so low in the capital and the south-east, in the north and Wales, it rises significantly to over 100 days on average.

"This new data shows just how different the pace of the housing market is at a very local level, and clearly displays that speed is key for both buyers and sellers," said Rightmove director and housing analyst Miles Shipside.

"Buyers want to know that they can be the first to find new properties on the market, and sellers expect to have their property marketed as quickly as possible to find a suitable buyer."