The property market in the UK is heating up, with homes in some towns and cities flying off the market at record speeds, but one London borough is setting new records. ]
According to the latest figures from property site Zoopla, homes in Waltham Forest, northeast London, are selling in just 19 days on average, making it the fastest-moving housing market in England and Wales. The borough has seen growing popularity thanks to its excellent transport links, highly rated schools, green open spaces, and relatively affordable housing, compared to other parts of London. Nationally, the average time a property spends on the market has dropped to just 36 days, with over half of all listings selling within two months, a notable jump from 49% last year.
In some of the most active northern markets, that average drops even further.
Affordable cities in the north are also dominating the top of the list. Manchester, Gateshead, and Carlisle are among the areas where homes are being snapped up in just over a month, with the regional average sitting at just 32 days.
Property experts point to a combination of increased demand, good job prospects, and continued investment in transport and infrastructure as major factors pulling buyers northwards.
Toby Leek, president of NAEA Propertymark, said: “There has been considerable public and private investment within such areas… homebuyers are being drawn to towns and cities with stronger transport links and lower costs.”
Scotland continues to outperform the rest of the UK when it comes to sale speed, with homes spending just 21 days on the market on average.
The faster pace is largely credited to the Scottish property system, which requires sellers to produce a Home Report up front and typically results in offers above the asking price.
At the other end of the scale, homes in traditionally popular second-home spots like East Lindsey in the East Midlands and Gwynedd in Wales are taking far longer to sell, averaging around 59 days.
Local policies introducing higher council tax rates for second homes have contributed to a rise in listings, slowing down sales.
Meanwhile, properties in more expensive markets and those with higher asking prices are also sitting on the market longer. Zoopla noted that overpriced homes take nearly twice as long to sell as those priced correctly at the outset, 43 days compared to 24 days for well-priced smaller homes.
The fastest sellers across the board are two and three-bedroom houses, which are particularly popular among first-time buyers and downsizers. These homes are typically snapped up in just 24 days, while flats are taking an average of 31 days to shift, and larger family homes (four bedrooms or more) are staying on the market for around 38 days.
Zoopla’s Executive Director Richard Donnell said: “The key to selling quickly is simple, get the price right from day one. There’s more choice for buyers now than there was a year ago, and those who pitch too high could be left waiting much longer.”