UK homes selling 11 days faster than last year
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.
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|
|Southend on Sea||18||-62%||£ 152,881||1.6%|
|Greater Manchester||68||-24%||£ 102,441||-1.1%|
|Brighton and Hove||53||-18%||£ 234,697||2.5%|
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|
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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