Which are the UK's fastest-selling homes?
Do you want to sell quickly? Discover which UK homes are sold the quickest within 30 days of going on the market.
Key takeaways
Six out of ten 2-bed terraced homes sell within 30 days, which is the fastest selling type of property
It takes an average of 40 days to sell a detached house with four bedrooms or more
The amount of time it takes for stock to sell varies by location, with availability, demand, and price all playing a part
As buyer demand decreases in the later months of 2024, we expect homes to sell at a slower pace over the second half of 2024
The majority of sales are agreed within 30 days of listing
There is a common misconception that house sales take a long time. However, our research suggests that this is not always the case. There are 49% of sales agreed within 30 days of a house being listed for sale in England and Wales. 75% of Scottish homes sell within a month, which is even more impressive. Since homes there are marketed with a valuation and survey upfront, sales tend to be agreed more quickly.
The speed at which a home will sell depends on the individual circumstances. In each case, it depends on the asking price, the type of property, the size, the condition, and the local demand. To secure a faster sale, it is perhaps most important to set the right asking price from the start. Property types that sell fastest and slowest in England and Wales are separated by almost two weeks.
What is the fastest-selling type of property?
According to Zoopla, two-bedroom terraced homes were the fastest-selling type of property between April and June 2024.
It takes an average of 27 days to agree a sale on this type of property, which is 5 days quicker than the national average of 32 days. Depending on the complexity of the transaction, sellers usually need another four months to complete a sale.
Among 2-bed terraced homes listed in the past 3 months, 6 in 10 sales were agreed within a month of listing.
How come they sell so fast? A two-bedroom terraced home is appealing to different types of buyers. It's a good value-for-money choice for first-time buyers and empty-nesters who don't want to give up features like a garden when downsizing.
It's also relatively rare to find them. There were only 7% of 2-bed terraces for sale in the last 3 months. Competition increases as a result.
In more expensive areas (London and east of England) over the last 6 years, two-bedroom terraced homes have consistently been the fastest-selling type of home. These homes are also the fastest-selling in more affordable regions. In the face of higher borrowing costs, buyer requirements are changing.
Which four types of homes are most likely to sell within 30 days?
There are many types of properties that sell quickly, not just 2-bed terraced houses. Another type of home that sells the fastest within a month is:
Homes with two bedrooms in a semi-detached style
Terraced houses with 3 bedrooms
Semidetached homes with three bedrooms
In total, these four types of property make up 46% of all homes listed for sale in the UK. As a result of this mismatch, buyers face greater competition due to a shortage of more affordable family homes. The owners of these types of homes can expect more early offers than those of larger houses and flats, provided they price them correctly.
How do regional differences in home selling times affect the selling process?
There are also local variations in the time to agree a sale, depending on the type of stock available, demand, and price.
Commuter belts in London and the South West are the most popular areas for 2-bed terraced homes.
The North West's fastest-selling property type is flats, which typically take longer to sell than houses.
The fastest-selling homes in the UK are still three-bed houses.
The fastest-selling homes are detached houses with four bedrooms or more, but we also find examples of terraced and semi-detached homes with four bedrooms. Cambridgeshire, mid-Wales, Northamptonshire, and the Scottish Highlands are included in this region.
In terms of selling time, what's next?
Seasons affect how long it takes for a home to sell. Home sales are typically faster in the first half of the year, and we can expect fewer homes to sell within 30 days in 2024.
More sales are being supported by lower mortgage rates of 4.5-5%. Market sentiment could be boosted this year by a cut in the base rate, boosting demand and sales agreement rates.
The sale of a poorly presented or incorrectly priced home will take longer or may not happen at all if it is not well presented for the local market. Homes that have been reduced by 5% or more are taking over twice as long to sell as those that have not been reduced. To determine the most suitable asking price, it's important to consult with local estate agents. It increases your chances of getting a sale agreed by attracting buyer interest.
What areas do Carpenter Surveyors cover for surveys and valuations?
Areas we cover:
Warwickshire, Worcestershire, West Midlands, Staffordshire, Leicestershire, Rutland, Nottinghamshire, Derby, Gloucestershire, Herefordshire, Cotswolds and Northamptonshire.
Get a Quote from Carpenter Surveyors today.