There are many different yardsticks which you can use to measure the popularity of a property market and one popular measurement is the average number of days to secure an offer. While this does not take into account property prices in the area it does give an indication of where there is still strong demand. A recent report by Zoopla cast a very interesting light on this particular yardstick, which will surprise many people. So, where are the fastest moving property markets in the UK?
The name of Northampton may not be top of your list of markets to look at but at just 27 days until the “under offer” sign goes up it is the fastest moving property market in the UK at the moment. The average price of a property in the area is £245,288 which is there or there about the average for the UK.
The area of Milton Keynes is not far behind Northampton at just 29 days until the “under offer” sign goes up. The average price of property in this area is just under £300,000 which is significantly above the average property price for the UK.
Seen as a commuter town for those working in London the town of Croydon boasts an impressive 30 days before an offer is received. The average property price in this region is £374,342 although we do really need to reflect on the average wage in the region when comparing with the average property price across the UK.
Edinburgh is seen as one of the leading lights of Scotland and home to the country’s financial region therefore it is perhaps no surprise to see the city at number four on the list. Interestingly, the Zoopla survey suggests that the average property in Edinburgh is worth £266,146 with the average listing receiving an offer in 32 days.
Many will be surprised to see Glasgow at number five on the list when you bear in mind the depressed local economy and difficult employment market. At just 33 days between initial listing and receiving an offer this is quite impressive when you bear in mind the general area. However, the average property price is listed at just £175,552, well below that of Edinburgh.
Whether markets are difficult, buoyant or stagnant there will be opportunities somewhere around the UK. The average listing to offer period is a useful measure of how liquid a market is indicating underlying buyer interest and sellers. These types of survey can highlight very short-term trends therefore there may well be a relatively small window of opportunity to trade assets. There are also other factors to take into consideration such as the local employment market, average income and prospects for the future.
In reality you should use this type of survey as an indicator to determine potential hotspots around the UK which may require further research. The vast majority of property investors take a long-term view on their property investments although you can never have too much knowledge about the market. We could probably carry out the same survey in a month and there would be some marked differences.