Homeowners in Liverpool are enjoying the quickest sales in the UK, according to research by property website Zoopla.
Several major cities are among the fastest moving markets in the UK as the pandemic-driven trend for buying in rural and coastal areas comes to an end.
Homes in lower-cost and well-connected suburbs are being snapped up as buyers seek affordability in the face of high mortgage rates.
It now takes 29 days on average to sell a home in the UK, which is nine days slower than this time last year.
Higher mortgage rates, cost-of-living pressures and low consumer confidence have hit buyer demand across all parts of the UK and are translating into slower sales in much of the country.
However, with value for money playing a much greater role in determining what buyers are looking for, some city and urban markets are seeing faster sales than last year.
Homes in Liverpool, Birmingham, Manchester and Newcastle are selling in 15 days or less – all at least two days faster than last year on average.
Similarly, homes in affordable and well-serviced commuter areas – like Salford and Bury near Manchester as well as Knowlesy near Liverpool – are going under offer within 15 days. That’s four, seven and three days faster than last year respectively.
Zoopla’s research also says cheaper homes are selling the fastest across the country, but that means a different price band based on the location.
The £100,000 to £150,000 price band is where homes are being snapped up the quickest in the North West, including in Manchester, Bury, Knowsley, Trafford and Wigan.
Meanwhile, Liverpool, Bristol and Coventry are among the areas where homes worth £150,000 to £200,000 sell the fastest.
Further south, the fastest selling homes are more expensive due to higher average prices, with Dartford’s fastest selling properties worth £300,000 to £350,000.
Homes worth £350,000 to £400,000 sell the fastest in Gravesham and Rushmoor, while properties in the £400,000 to £450,000 range sell fastest in Worthing.
