One in 10 Homes Under Offer Within Two Weeks

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According to a study conducted by an agent comparison website, one in 10 homes are getting snapped up within 14 days of going live on the open market.

To be able to make this claim, Rightmove listings were checked on the 17 June.

Not only this, but in areas in the UK, one in five properties are going under offer within the same time frame.

Looking at the results, Scotland has the hottest housing market where the proportion of new homes sold within 2 weeks is 18% according to the research.

At the opposite side, London has the slowest market with only 7% of all homes being sold within 14 days.

In the East Midlands (including Derbyshire) and in Yorkshire and the Humber, 11% of all homes are sold within the 2-week time period.

Looking at cities specifically, Scotland remains at the top of the table as Edinburgh (23%) and Glasgow (19%) seeing the highest level of stock selling within 2 weeks of being listed on the market.

Bristol comes in at third place with 16% of properties selling within the timeframe. Portsmouth and Birmingham closely follow with many homes selling almost immediately.

The only city that in fact ranks lower London is Belfast where not a single home that is currently listed for sale has had an offer accepted within the 14- day period.

Colby Short, chief executive of the agent comparison website, said: “Since interest rates have begun to climb, the nation’s property prophets have been out in force to once again call the demise of the UK property market. 

“However, we’re simply not seeing this on the ground and while there has certainly been a return to normality where mortgage approval levels and the rate of house price growth is concerned, buyer demand remains extremely high and property values are yet to show any signs of decline. 

“In fact, the balance between supply and demand is so out of kilter that homes are selling subject to contract at pace and in many areas, with one in five doing so within just two weeks in some cases. 

“Of course, this doesn’t make the protracted process between accepting an offer and completing on a sale any quicker, but it does cut a considerable amount of time from the overall selling timeline.”

Despite only one in 10 homes being sold within the 2-week period, homes are continuing to be sold at or above the original asking price.

Propertymark have released their latest Housing Market Report which has found that 78% of respondents claimed that most sales in May were agreed at or above the asking price.

This figure has increased since April where only 39% of respondents said that properties sold for the asking price or above.

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