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Property market hotspots revealed

Property market hotspots revealed

Category: Mortgages

Updated: 11/10/2013
First Published: 10/10/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Research conduced by Home.co.uk has revealed the UK locations where homes sell in the shortest time, indicating a welcome boost to the housing market with several property hotspots located across the country.

The research incorporated in excess of 634,000 data points and revealed that homes can sell in as little as 20 days in high demand areas, with these hotspots (perhaps unsurprisingly) being primarily located across London and the south of England.

In Greater London, the top five spots go to:

  • N5 (Highbury), where homes are sold in 20 days on average.
  • SM5 (Carshalton), also at 20 days.
  • E17 (Walthamstow) at 23 days.
  • TW2 (Twickenham) again at 23 days.
  • E8 (Hackney) at 24 days.

Elsewhere in the UK, the top five spots are filled by:

  • BS3 (Bristol) at 20 days.
  • CB1 (Cambridge), again at 20 days.
  • CB3 (Cambridge) at 23 days.
  • CB4 (Cambridge), also at 23 days.
  • MK12 Milton Keynes) at 23 days.

Of course, there are still marked regional variations (the north of England fares worse, for example, with some areas reporting average selling times of 200 days or more), but the faster turnaround of a lot of areas can only be a positive thing.

Doug Shephard, director at Home.co.uk, commented:

"This study shows that the property market is functioning very well in many parts of the country.

"In the high demand areas, the typical selling times can be as low as three weeks ... Closer inspection of these high performance areas reveals thriving local economies driven by above average household incomes and greater confidence about economic futures. Local markets such as these do not need 'Help to Buy' schemes."

But, he added that Help to Buy could perhaps be focused on markets at the lower end of the scale where turnaround times are still suffering, ensuring it can deliver help where it's really needed.

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