Elite Property

Speedy Sales: Quicker Deals and Soaring Demand

Speedy Sales: Quicker Deals and Soaring Demand

Too Long, Didn’t Read

If you’re short on time, I’ve got you covered. Here’s a quick summary of what’s ahead. Of course, if you do have a bit more time, I highly recommend reading on for all the juicy details. Enjoy!

  • At 55 days, the average time taken to sell a property (from listing to sold subject to contract) is nearly two weeks faster than the last so-called ‘normal’ market of 2019 (67 days).
  • Rightmove report the number of sales agreed in March 2023 is just 1% lower than in March 2019, while buyer demand is 8% stronger.
  • Smaller properties of two bedrooms or less are proving the most sought after at present. Sales agreed in this sector are up 4%, and demand is 11% higher than in 2019.
  • Besides Scotland, properties are currently selling more quickly than the national average in the North East, West Midlands, Yorkshire and the Humber, and the South West.

Hopeful Signs of Recovery for the UK Property Market

According to the latest report by Rightmove, there are some hopeful signs of recovery for the UK property market post-pandemic. After all, it appears that properties are being sold much faster today than pre-COVID! Nowadays, it takes an average of 55 days from listing to SOLD subject to contract. That’s 12 days quicker than it took to do the same in 2019 — talk about big improvements! Who knew that something so positive could come out of such a challenging time? Going forward, we’ll have to see whether this acceleration in sales numbers persists. But one thing is certain: a bright future lies ahead for the property market in England and beyond.

Market Resilience and Strong Buyer Demand

The report revealed incredible market resilience, with the number of sales agreed in March 2023 just slightly lower than that of March 2019 (1%). Not only that, but buyer demand is actually 8% stronger! It’s clear that folks in the UK are still showing an active interest in property sales even throughout the pandemic and other tumultuous times. We shouldn’t underestimate just how impressive this is!

Surging Demand for Small Properties and Regional Market Trends in the UK

Interestingly, small properties with two bedrooms or less have been highly sought after throughout the UK these past few years. Reports suggest that the sales rate for this market sector has increased by 4%, and over the span of two years – from 2019 to 2021 – the demand expanded by 11%! It’s an exceptionally interesting trend to keep an eye on.

In the North East, properties are being sold quicker than those elsewhere in the UK. The West Midlands has seen its houses snapped up even faster than the rest of Britain. That isn’t to say Yorkshire and the Humber have done any worse, with takeup rates in these areas competing with figures from other regions of the country. What this suggests is that demand for homes around England is continuing to surprise many industry experts and that people looking to purchase property remain quick on their feet.

The number of homes being sold faster than the national average figures in these areas means that vendors are having their pick when it comes to offers on their properties. Positive trends like these really speak for themselves.

Even more notably; they’re particularly hot in the South West given recent data. It looks like a whole lot of people all have their eye on results coming out of that part of the country, just waiting until figures change to learn about new highly optimised changes in prices!

A Story of Hope: Steady Growth and Recovery

The property market is likely to take a huge step towards recovery with this latest report. It’s clear from the numbers that there’s a strong promise of steady growth in the UK- a glimmer of hope for us all. The positive news gives an indication that good days lie ahead and that substantial upward movements could be on the horizon. Buying or selling property may also become a bit more secure soon, with the potential for stronger investments in commercial activities looking promising too.

All in all, this report carries assurances that things will soon get better in the British property market, one way or another!