New data shows Scotland, the Midlands, and Yorkshire boast the fastest-moving property markets in the UK.
Zoopla recently analysed the top 50 UK cities by number of property listings in order to identify the average time it takes for listed properties to receive an accepted offer. The research also included the average property values for each location.
These fast-moving property markets show that, despite uncertainty over Brexit, buyer confidence in the property sector remains high in certain areas. A recent survey for September even found that house prices and rental demand are still on the rise around the UK.
Scotland and the West Midlands are tied for the fastest-moving regions in the UK property market, taking an average of only 38 days to secure an offer. The East Midlands follows with an average of 40 days.
Yorkshire & The Humber, featuring the most affordable average property value at £177,668, sits at fourth on the list. On average, properties in this region take 46 days to receive an accepted offer. On top of that, a new housing investment in Leeds is expected to transform the area, further attracting more investors and homebuyers.
Faring the best, Edinburgh boasts the fastest-moving property market in the UK by only taking an average of 22 days to secure an offer. The first English cities on the list are Northampton and Birmingham.
Both are tied for the fourth fastest with properties going under offer in an average of just 33 days. With Birmingham chosen as the host city for the 2022 Commonwealth Games, thousands of jobs and homes will be added to the city and the Midlands, making the property market even more attractive there.
Another thriving northern city made it onto Zoopla’s top-10. Manchester is tied for eighth with an average of 36 days to secure an offer and an average property price of £187,838.
Buying property in Manchester is proving to be a particularly tempting option, especially for first-time buyers and investors. A buyer could potentially purchase five apartments in the city for the price of one in London, and this affordability is helping Manchester’s market to grow even further.
These cities and regions with fast-moving property markets show buyers and investors still have confidence in UK’s property market. Additionally, with property demand increasing across the UK, there is room for further growth in the property sector.