Three-bedroom homes sell the fastest, new analysis shows
Three-bedroom homes are selling faster so far this year than other types of home, taking an average of 122 on the market, followed by two bedrooms at 126 days.
New research which takes data from the major property portals and analyses it with Land Registry figures looks at what is selling, for how much and how long it is taking.
The study from estate agent comparison site GetAgent also found that four-bedroom homes take an average of 141 days, one bedrooms taking 150 days, and five bedroom properties 173 days.
The nine quickest areas for three bed property sales are all located in Scotland, with Lanarkshire the quickest at just 55 days. Outside of Scotland, Mansfield is the quickest with an average selling time of 72 days, followed by Ashfield and Salford both at 73 days.
Three-bedroom are also the quickest to sell in London with an average selling time of 148 days. Bexley is the quickest at 98 days, followed by Sutton at 100 days, Waltham Forest at 103 days, Barking and Dagenham at 108 days and Havering at 118 days.
Colby Short, chief executive officer of GetAgent, said:
‘Three bed homes are hot property in current market conditions and as a result, those with one to sell can expect a quicker transaction than others in the market, even in London. A three bed is typically the first family foot on the ladder for growing families and often the last time a buyer will upsize for the long-term, if not completely.
‘That’s why they’re consistently in high demand but there is a real lack of suitable stock currently on the market, as well as an insufficient level being delivered by house builders to meet this demand. As a result, three bed homes are bucking wider market trends to sell much faster than the rest and will continue to do so.’
Kindly shared by Property Wire