Properties Going Under Offer Much Faster Than Five Years Ago

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

Strutt & Parker analysed listings data for between August 2016 and August this year and compared it to 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 was the fastest 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.

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

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,” said James Mackenzie, head of country houses at Strutt & Parker

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