New analysis by home purchase plan provider, Gatehouse Bank, has revealed that despite Brexit trying its best to cause turbulence in the UK property market, homes are actually selling quicker in 1 in 5 towns and cities.
According to the findings, across the UK, homes on the market have been on sale two weeks longer than a year ago on average (162 vs 148 days) but the slowdown is noticeable by its absence in 19.6% of areas.
Gatehouse analysed time-on-the-market data from Home.co.uk and found that property markets sped up in 24 of the 122 towns and cities in the survey, with properties for sale in Oldham marketed for 27.7% less time than a year earlier on average. Oldham was followed by Stirling, with a drop of 24.5% to 114 days and Sale, Gtr Manchester, where time on the market has fallen 19.5% to 95 days.
The most rapid markets are Rugby (85 days), Sale in Greater Manchester, (95 days) and Edinburgh (97 days). The most sluggish are Aberdeen (320 days), Sunderland (279 days) and Durham (264 days).
The biggest slow down has been witnessed in Padstow where homes have been on the market 56.6% longer than a year ago — 238 days on average1. Woking homes have been on the market for 50% longer and in Hemel Hempstead properties have been marketed for 48.7% longer.
Charles Haresnape, CEO of Gatehouse Bank, said: “A slowdown in sales across the country reflects the wait-and-see approach exacerbated by these marathon Brexit negotiations but it’s not a reality for everyone.
Robust demand means buyers across a healthy cross section of Britain are ensuring homes aren’t hanging around for long in relative terms. We know that first-time buyers are still active and that’s thanks in no small part to stamp duty reliefs and Help To Buy. This new blood is helping to keep the market turning over, not just in the fastest markets but equally so in those areas where a slight slowdown means they are being encouraged to drive a harder bargain.”