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UK homes selling 11 days faster than last year

Alex Johnson

c6f650afa3da3cae7aed64260d206d26dde570e5 300x199 UK homes selling 11 days faster than last yearIt now takes an average of 58 days to sell a home in the UK, 11 days less than a year ago, according to new figures from Post Office Mortgages.

Over the last year property owners in Birmingham they have experienced a 16% fall in the time it takes to sell their home and a 2.6% rise in price, while some Northern cities such as Liverpool, Sheffield and Manchester are also showing signs of improvement despite slow price growth. The average time a property spends on the market in the North West has fallen from 90 days to 62 days over the last 12 months. In Liverpool, properties need only an average of 18 days to be sold, down 63% from last year and a whole two weeks less than London.

Elsewhere in England, cities including Plymouth, Brighton, Bristol and Derby, have seen falls above 15%.

Average time to sell a property and the percentage change year on year (YoY)

City Time to Sell in September 2013 (days) % Change YoY Average property price, Sept 2013 Annual % growth in house prices
Liverpool 18 -63% £ 92,917 0.0%
Southend on Sea 18 -62% £ 152,881 1.6%
Plymouth 34 -36% £ 125,666 1.8%
Sheffield 34 -29% £ 115,257 0.0%
Derby 43 -27% £ 104,109 0.6%
London 32 -25% £ 393,462 9.3%
Greater Manchester 68 -24% £ 102,441 -1.1%
Brighton and Hove 53 -18% £ 234,697 2.5%
Birmingham 66 -16% £ 114,457 2.6%
Portsmouth 28 -15% £ 141,329 -0.2%
Bristol 41 -15% £ 173,913 2.2%
Newcastle 57 -8% £ 118,071 2.0%
Cardiff 70 -6% £ 142,734 1.7%
Leeds 79 -5% £ 120,825 -3.7%
Nottingham 71 1% £ 85,232 1.5%
Norfolk 78 6% £ 146,172 0.8%
Stoke-on-Trent 97 32% £ 69,367 1.5%
Swansea 89 35% £ 107,761 -2.4%
Leicester 109 77% £ 111,422 -2.1%
Hull 112 240% £ 66,831 -2.0%

Source: Hometrack

Bank of Mum and Dad still going strong

Research from Clydesdale and Yorkshire Banks shows that the ‘Bank of Mum and Dad’ still has an important role to play for first time buyers, with almost two thirds receiving help in saving a deposit for their first property.

Around 63% of first time buyers benefit from financial support when taking their first step onto the property ladder, according to the new figures. The Bank of Mum and Dad was key for 50% with 28% receiving a loan and 22% benefitting from the gift of a deposit from their parents or another family member.

Potential homeowners in the Midlands are benefiting from the highest levels of support with 67% receiving help, closely followed by London and the South East. The lowest levels of help are in the East, although still more than half (52%) have had support in saving a deposit.

Regional Breakdown of receiving help in saving a deposit:

Region % receiving help
Midlands 67%
London 66%
South East 66%
Wales 65%
Yorkshire 65%
UK average 63%
North East 62%
North West 62%
Scotland 59%
South West 58%
East 52%

The largest proportion of those surveyed (30%) had received between 10 and 20% of the value of their new home with a further 37% benefitting from between 5 and 10%.

Length of time to save deposit %
1 to 2 years 25%
4 to 5 years 18%
6 months to a year 18%
2 to 3 years 17%
3 to 4 years 10%
Over 5 years 7%
Less than 6 months 4%

Pictured is a 4 bedroom, detached and beach-fronted house for sale in Normans Bay, Pevensey, East Sussex BN24, on with Freeman Forman for £950,000


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