“While the market is performing well, all things considered, we recognise there are challenges with mortgage rates and possibly a new government in the coming months, meaning up-to-date market analysis has never been more important for sellers”
– Katy Billany – TwentyEA
Detached homes in Wales are the slowest property types to sell across the UK and take an average of 92 days – 18% more than the national average for this type of property – while a semi-detached home in Scotland sells the fastest at 37 days – 37% less than the national average, research has shown.
In England, flats in Inner London are taking the longest amount of time to sell with an average of 89 days, while terraced homes in the West Midlands are selling after just 53 days, joint with semi-detached homes in the North East.
The findings are part of the latest TwentyCi and TwentyEA Property and Homemover Report.
Katy Billany, Executive Director of TwentyEA, said: “Our analysis demonstrates the strength of the Scottish market. Properties here sell fastest, are most likely to sell, proportionately sell for the highest price, are less likely to be reduced and are significantly less likely to fall through, because of the Scottish legal system.
“Throughout the rest of the country, the picture is more varied. Understanding how local market trends compare nationally is vital if agents are to increase their likelihood of winning an instruction. Having the very latest data at their fingertips ensures they can enhance their excellent service level and communicate an informed opinion of the market among vendors and potential landlord clients.
“While the market is performing well, all things considered, we recognise there are challenges with mortgage rates and possibly a new government in the coming months, meaning up-to-date market analysis has never been more important for sellers.”
TwentyEA’s fascinating insights also reveal that in addition, at the top end of the market, supply is growing quicker than demand.
Analysis of the figures across Q1 24 showed the volume of super-premium homes (£1.5m+) coming to market grew by 16% YoY. However, they also showed demand increased by just 7% for high-end properties, meaning they are now less likely to sell. Less expensive homes are experiencing much higher demand.
Further insights found that in the last five years, the average price per square foot of residential property has increased by 21.4%, with the catalyst of increased demand following the reopening of the property market in May 2020, and the subsequent Stamp Duty holiday.
However, in the face of headwinds over the last year, the average price per square foot declined by £4 or by 1.1%. The current average price stands at £329 per square foot.
Billany added: “Only four regions had positive sq ft price growth with Northern Ireland and Scotland topping the list. Areas with the largest decline in prices in the past year are all in the South, with Outer London topping the list. There has been a North-South divide when it comes to price growth in the past year.
“Meanwhile, the uptick in supply for the country’s most expensive homes with unmatched demand means these homes will take longer to sell – an important insight for agents to help keep their vendors realistic on price.”
