Fastest and Sluggish Housing Markets Unveiled: Insight into the Nation's Swiftest and Least Active Real Estate Markets
Who knew that the fastest-moving housing markets in the UK are found in Waltham Forest and Manchester? These two cities are clocking in at an astounding 19 days for a property to go under offer! If you're looking for a quick transaction, these places are worth considering.
Now, here's where things get interesting. Although Waltham Forest houses come with a heftier price tag, at around £525,000, compared to Manchester's more economical £240,000, the demand is sky-high. It seems that buyers are ready to fork over the dough for the perfect property in these sought-after locations.
Rounding out the top 10, we have Carlisle, Stockport, Gateshead, Redditch, Newcastle-upon-Tyne, Basingstoke and Deane, Halton, and south Gloucestershire, all of which see homes sell within 25 days on average. Keep in mind, these numbers reflect the rapid pace of the housing market in these areas.
On the flip side, there are some parts of the UK where homes linger on the market for much longer. Denbighshire in north Wales and Westminster in London lead the pack with a wait time of 62 days. To be fair, these regions are gorgeous, and the slower sales may stem from the beauty that buyers can't resist!
East Lindsay in Lincolnshire and Gwynedd in Wales share the third spot, with homes taking 59 days to find a buyer. Other areas placing in the top 10 slow-moving markets are Angus, Canterbury, North Devon, Kensington & Chelsea, Forest of Dean, and Blaenau Gwent.
So, what's behind these slow-moving markets and the lightning-fast sales in Waltham Forest and Manchester? Well, it appears that buyer demand is through the roof in more affordable and desirable locations where value, space, and lifestyle benefits can be found. Zoopla suggests that while buyer appetite has grown across southern England, it isn't keeping pace with the growth in homes available for sale.
With more than 150 councils across the UK introducing double council tax for second homes, areas popular with second homeowners like coastal towns are seeing a surplus in supply. This excess in supply is significantly affecting the length of time properties take to sell in these areas. There you have it—the ins and outs of the UK's hottest and coolest housing markets!
In light of the strong buyer demand, some regions with affordable housing and desirable lifestyles, such as investing in real estate in Waltham Forest and Manchester, are seeing properties sell rapidly, often within fewer than 20 days. On the contrary, regions like Denbighshire in north Wales, Westminster in London, and East Lindsay in Lincolnshire, while beautiful, have homes that linger on the market for longer periods, averaging around 62 days, due to the excess supply of properties, particularly in second-home owner hotspots.
