Homes taking almost two weeks longer to sell than last year as Liverpool tops list of fastest moving markets

2nd November 2023

• Properties in England taking almost two weeks (12 days) longer to sell compared to the same time period last year 

• Homes on the market for an average of 34 days before agreeing sales 

• North West is the region taking the shortest amount of time to sell in England with Liverpool taking top spot 

• Waltham Forest only London borough to sell fastest than the UK average agreeing sales in 24 days 

• Properties in Southern England, Wales and Midlands taking almost two weeks longer to sell than 2022 

• The two bed terrace is the fastest-moving property type in eight out of 11 regions in the UK as four bed detached homes take the longest to sell 

 

London 2nd November 2023: Houses on the market are taking almost two weeks (12 days) longer to sell than the same time period last year, Zoopla’s latest data shows. Properties that sold last month (September) were on the market for an average of 34 days. 

 

All change for the fastest areas to sell

Thanks to a changeable housing market, only nine of 2022’s fastest areas to sell remain in the 2023 top 25 list, with demand for homes significantly dropping in locations that saw the least house price growth over the last five years. 

 

The North West takes the top spot with Liverpool being crowned as England’s fastest-moving market with the typical seller agreeing an offer within 17 days - half the UK average. In this area, one bed flats remain the most in demand as the fastest property type to sell with an average time of just three weeks (21 days) thanks to a relatively low asking price of £105,000. This is in contrast to four bed detached properties taking almost two months (53 days) to sell, with an average price tag of £477,000.

 

The second and third fastest-moving markets respectively are Manchester and Salford, where the average time to agree an offer is 21 and 23 days. Cities such as Sheffield, Newcastle, Bristol, Cardiff and Birmingham have also made it in to the list of the top 25 fastest-selling markets for the first time since the pandemic with offers typically achieved within 27 days. 

Homes sell fastest in most affordable markets - but it’s a different picture in the South

With buying power reduced by up to 20% thanks to rising mortgage rates, the most affordable homes across the country are selling the fastest. Naturally, this favours markets in the North West and North East of England, where the average home is between £72,000 - £125,000 less expensive than the national average.

 

Over half (56% or 14 of the 25) of the fastest selling areas have properties that are below the regional average price, with a typical difference of 16% in areas such as Sheffield in Yorkshire, Port Talbot in Wales, Gateshead in the North East or Carlisle in the North West. 

 

But it’s a completely different picture in other regions with the Midlands, Wales and Southern England (excluding London) seeing the time it takes to sell their home increase by two weeks (12 days) compared to last year. These areas follow general trends with two bed terraced properties being the fastest property type to sell, as four bed detached homes take the longest amount of time, with an average of 47 days to see a sale.

 

Izabella Lubowiecka, Senior Property Researcher at Zoopla comments: “Over the last 12 months, the time to agree a sale has increased by almost two weeks. This is due to a few factors: there are fewer buyers in the market alongside cost of living concerns and higher mortgage rates which has meant many have had to pause a search for their next home. However, we are now simply seeing a return to more normal market conditions experienced in the years leading up to the pandemic. Anyone thinking about selling should bear this in mind and be prepared that it may take longer to sell their property than in recent years.”

Top 25 Fastest Moving Markets (excl Scotland)

 

 

Fastest and Slowest Property Types to Sell

 

 

 

-ENDS-

 

*This analysis looks at the average number of days between the property being listed on Zoopla to offer (marked as Sold STC), with days on the market rounded to the nearest whole number. Tables referring to the fastest moving markets are ranked on the median number of days until offer is achieved.

 

 

- Ends -

For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.

About Zoopla

Hello. We're Zoopla. A property website and app.

We know you're not just looking for a place to live. You're looking for a home.

Yeah, we've got over a million properties for you to browse.

Tools that let you filter them in all kinds of clever ways.

And reliable house price estimates, so you can be sure you aren't paying over the odds.

But we know you're looking for more than that.

Because that first flat won't just be a 'great investment opportunity'.

It'll be the feeling of starting out on your own.

That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.

And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.

We know that searching for a home is about more than just checking its price, location and features (important as all those things are).

What really matters is how it makes you feel.

We know what a home is really worth.

So let us help you find yours.

Zoopla is part of Zoopla Limited which was founded in 2007.

Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 06074771
VAT Registration number: 191 2231 33
Data Protection number: Z9972266

Back to Press releases