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Where homes are selling fastest? Not London

News Desk: Yahoo Finance UK/Chris Radburn/PA Wire – Cambridge is famed for its punting, but it’s also where homes are selling the fastest

The amount of time a home is on the market before selling has dropped across the country to just 65 days.That’s 10 days faster than the same point last year, according to data from Rightmove.And even though the house prices are moving full steam ahead in London, it’s Cambridge where properties are selling like hotcakes.Homes in the university city are typically on sale for just 27 days before netting a new owner, making it the fastest selling spot in the country.However, Cambridge is closely followed by select boroughs of London, including Waltham Forest and Lewisham, where properties sell in average 31 days. In fact, seven of the ten fastest selling areas are in the capital.

[ House prices in London rise by 20% ]
In contrast, homes in Powys, Wales take nearly four times longer to sell – languishing on the market for an average 113 days before a sale is agreed.

At a typical 106 days, sellers in Sefton, Merseyside also have to pay the waiting game for among the longest in the country.

10 fastest selling areas

Local authority Region Average number of days on Rightmove (April 2014) % change compared to
April – June 2013
1. Cambridge East  27 -30% (39 days)
2. Lewisham London  29 -41% (49 days)
3. Sutton London  29 -40% (48 days)
4. Waltham Forest London  31 -34% (47 days)
5. Warwick West Midlands  33 -25% (44 days)
6. Hackney London  34 -37% (54 days)
7. St. Albans East  34 -33% (51 days)
8. Greenwich London  35 -34% (53 days)
9. Bexley London  35 -40% (58 days)
10. Bromley London  35 -41% (59 days)

“This new data shows just how different the pace of the housing market is at a very local level… When selling a property you need to consider local market conditions to help set the asking price and ask your agent how soon they can have your property on the market,” said Miles Shipside, Rightmove director and housing market analyst.

“People shouldn’t be disheartened if their property has been on the market before a sale is agreed for longer than the times shown, but if it’s been on a lot longer they should ask themselves and their agent if there is a different tactic they could try to help garner more interest in the property, such as reviewing the asking price, retaking photos from different angles, and making sure the property’s selling features really stand out.”

10 slowest selling areas

Local authority Region Average number of days on Rightmove (April 2014) % change compared to
April – June 2013
1. Powys Wales  113 8% (104 days)
2. Gwynedd Wales  112 16% (96 days)
3. Sefton North West  106 3% (103 days)
4. Fylde North West  105 -4% (109 days)
5. Wakefield Yorkshire  103 4% (99 days)
6. Forest of Dean South West  103 18% (87 days)
7. Conwy Wales  102 12% (91 days)
8. Rochdale North West  100 -8% (109 days)
9. Allerdale North West  100 19% (84 days)
10. Bradford Yorkshire  98 -7% (105 days)

Although some of the slower towns have seen increases in time to sell compared with 2013, all regional averages have fallen, signalling a broad-based market recovery, according to Rightmove.

The biggest regional falls year-on-year were in London, dropping from 60 to 41 days, and the South East, from 65 to 51 days. The North East has seen the smallest fall of 90 to 88 days.

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