Homes taking almost two weeks longer to sell than 2022

• Properties in England taking almost two weeks (12 days) longer to sell compared to the same time period last year 

• Homes on the market for an average of 34 days before agreeing sales 

• North West is the region taking the shortest amount of time to sell in England with Liverpool taking top spot 

• Waltham Forest only London borough to sell fastest than the UK average agreeing sales in 24 days 

• Properties in Southern England, Wales and Midlands taking almost two weeks longer to sell than 2022 

• The two bed terrace is the fastest-moving property type in eight out of 11 regions in the UK as four bed detached homes take the longest to sell 

Houses on the market are taking almost two weeks (12 days) longer to sell than the same time period last year, Zoopla’s latest data shows. Properties that sold last month (September) were on the market for an average of 34 days. 

 All change for the fastest areas to sell

Thanks to a changeable housing market, only nine of 2022’s fastest areas to sell remain in the 2023 top 25 list, with demand for homes significantly dropping in locations that saw the least house price growth over the last five years. 

The North West takes the top spot with Liverpool being crowned as England’s fastest-moving market with the typical seller agreeing an offer within 17 days - half the UK average. In this area, one bed flats remain the most in demand as the fastest property type to sell with an average time of just three weeks (21 days) thanks to a relatively low asking price of £105,000. This is in contrast to four bed detached properties taking almost two months (53 days) to sell, with an average price tag of £477,000.

The second and third fastest-moving markets respectively are Manchester and Salford, where the average time to agree an offer is 21 and 23 days. Cities such as Sheffield, Newcastle, Bristol, Cardiff and Birmingham have also made it in to the list of the top 25 fastest-selling markets for the first time since the pandemic with offers typically achieved within 27 days. 

Homes sell fastest in most affordable markets - but it’s a different picture in the South

With buying power reduced by up to 20% thanks to rising mortgage rates, the most affordable homes across the country are selling the fastest. Naturally, this favours markets in the North West and North East of England, where the average home is between £72,000 - £125,000 less expensive than the national average.

 Over half (56% or 14 of the 25) of the fastest selling areas have properties that are below the regional average price, with a typical difference of 16% in areas such as Sheffield in Yorkshire, Port Talbot in Wales, Gateshead in the North East or Carlisle in the North West.  

But it’s a completely different picture in other regions with the Midlands, Wales and Southern England (excluding London) seeing the time it takes to sell their home increase by two weeks (12 days) compared to last year. These areas follow general trends with two bed terraced properties being the fastest property type to sell, as four bed detached homes take the longest amount of time, with an average of 47 days to see a sale.

Izabella Lubowiecka, Senior Property Researcher at Zoopla comments:
“Over the last 12 months, the time to agree a sale has increased by almost two weeks. This is due to a few factors: there are fewer buyers in the market alongside cost of living concerns and higher mortgage rates which has meant many have had to pause a search for their next home. However, we are now simply seeing a return to more normal market conditions experienced in the years leading up to the pandemic. Anyone thinking about selling should bear this in mind and be prepared that it may take longer to sell their property than in recent years.”