Owners exiting the buy to let market due to steep expenses and stringent regulations have a new resource showing the speed at which they might sell. Recent statistics highlight the five leading UK areas where properties are being snapped up most rapidly.
Houses in Paddington, West London, top the list, being sold three weeks faster than the national norm. A study from PropTech firm The ValPal Network indicates that deals for residences in West Paddington postcodes generally conclude in 198 days, a quick 21 days ahead of the national mean.
The ValPal Network, in collaboration with 800 estate and letting agency brands nationwide, identified several regions that are defying the usual pace. Currently, properties in Halifax, West Yorkshire, are being sold in 199 days, while those in Sutton, Surrey, are trading hands in 201 days.
Huddersfield follows closely, with transactions finalising in 203 days. Oxford ranks fifth, where homes are being sold in 204 days.
Records suggest that, on average, selling a home takes 220 days. This includes a 23-day initial contemplation phase, 62 days of being listed on the market, and approximately 135 days for financial, conveyancing, and legal processes.
The latest Halifax House Price Index for July revealed a 0.3 per cent decrease in property values – marking the fourth month of consecutive decline.
However, the year-on-year reduction in values slowed from 2.6 per cent in June to 2.4 per cent in July.
Craig Vile, from The ValPal Network, notes, “Over the past half-year, there’s been minimal fluctuation in property prices. The market’s activity is primarily constrained due to the broader UK economic conditions.”
“Yet, the enthusiasm of first-time buyers remains strong, and property transactions continue,” he adds.
Vile emphasises the importance of efficiency in property deals, stating, “The most challenging aspect for anyone in the property sector is delays anywhere along the process.”
He further adds, “Acting quickly is crucial, starting from the instant a valuation is sought. Estate agents providing swift and efficient services will stand out to clients seeking assistance during their move.”
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