valuation

Reports of weak housing market exaggerated!

Posted on Friday, June 7, 2019

Headlines of late have focused on the political instability which may have a negative effect on the property market; however, when we look at the statistics it becomes evident that the reports of a weak housing market have been grossly exaggerated. New research by Zoopla has shown that properties in Britain sell in just 56 days, on average.

 

In the period between April 2018 and March 2019, looking at the 50 towns with the largest number of property listings, 56 days was the average time period for a property to go under offer. Elsewhere, in Scotland it took less than four weeks for properties in Falkirk and Edinburgh to find a buyer.

“Despite widespread reports of a subdued housing market, Brits may be surprised that it takes less than two months for the average British property to go under offer from the date it was first listed for sale,” says Zoopla spokesperson Annabel Dixon.

“The key is to get your pricing correct, meaning the best way to sell your home quickly is to ask for its true value given the current market. Overpriced homes won’t shift and may have to be discounted and, on the flip side, nobody wants to sell for less than their property is worth.

“Wherever in the country you are buying, it will pay dividends to get your finances and paperwork in good order ahead of time,” she adds.

10 fastest moving property markets

Rank

Town

Average days to secure an offer

Average property value (May 2019)

1

Falkirk

27

£154,579

2

Edinburgh

27

£298,575

3

Glasgow

31

£186,705

4

Stirling

32

£222,736

5

Cardiff

37

£255,528

6

Coventry

37

£215,909

7

Newport

40

£187,842

8

Nottingham

41

£207,456

9

Birmingham

41

£207,474

10

Mansfield

42

£156,763

 



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