Properties going under offer much faster than five years ago

The Government may want to speed up the home buying process, but figures from Strutt & Parker actually suggest the time it takes properties to reach the accepted offer stage has improved in the past five years.

The agent has analysed listings data from Rightmove for between August 2016 and August this year, and compared it with the same period in 2012.

Over that period, the time taken for a home to go from listing to under offer or SSTC dropped from 87 to 61 days.

Bristol had the fastest rate, with properties listed as going under offer or SSTC in an average of 34 days, while Glasgow has seen the biggest improvement, from 93 to 37 days.

However, London sellers are facing an above national average wait to see properties reaching the SSTC stage at 63 days, only two days faster than in 2012.

James Mackenzie, head of country houses at Strutt & Parker, said: “There are several cities that are now seen as alternatives to London. They offer career opportunities and a contemporary lifestyle, and appeal to people who have been priced out of the capital’s housing market.

“Bristol is the perfect example: it has a booming tech hub, a broad range of housing stock and a fashionable harbour area. It is also commutable to London.

“As technology allows for more flexible working, the ability to commute for two or three days a week to the capital is having a significant effect on regional markets.”

Is your agency in one of the fastest selling property hotspots?

Days to “sold subject to contract” 2017

Bristol

34

Coventry

35

Edinburgh

36

Glasgow

37

Gloucester

39

Portsmouth

40

Southampton

40

Cambridge

40

Birmingham

42

Norwich

44

UK average                

61

 

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