Looking at the time it takes the average property to sell in an area can be a good indicator of buyer demand, and Liverpool, Manchester and Salford are currently leading the way.
The north west of England is the region to watch when it comes to properties flying off the market in the shortest space of time. Not only does it show that demand is high, but it can demonstrate that sellers are pricing appropriately, and values are likely to remain buoyed by this fast pace of activity.
In the current market, affordability constraints are affecting demand, while low supply levels are also having an impact on the sector. This is why it is generally the more affordable areas, and those with the biggest housing need such as large cities, that are seeing the shortest marketing times overall.
In recent research published by Zoopla, the cities of Liverpool, Manchester and Salford were marked out as having the top property markets in terms of time to sell. While the average property spends 34 days on the market before a sale is agreed, in Liverpool this shortens to just 17 days.
The report also shows that properties across the UK are taking longer to sell now than they were in 2022 and in 2020, when the average home was listed for 22 days before being snapped up. This is likely due to rising mortgage rates reducing appetite, which also explains why the north west’s cheaper housing market could be winning out.
Speedy north west and north east
After Liverpool’s extremely quick 17-day turnaround time, Zoopla lists Manchester as having the second-fastest property market at the moment, with the average home taking 21 days to sell. This is followed by nearby Salford at 23 days.
The north east as a region had the second-fastest housing market, with the likes of North Tyneside, Newcastle upon Tyne and Gateshead all seeing their homes sell at a faster than average pace.
These markets have remained extremely competitive even with current market conditions. As prices are lower, smaller mortgages are required to buy them, which means mortgage rate hikes can have less of an impact overall. Their affordability is also an appealing factor when it comes to the cost of living crisis.
Property investors have also been honing in on these areas because of their attractive yields, with the city of Liverpool often listed as offering the best rental yields for landlords. Tenant demand is also especially high in the likes of Liverpool, Manchester, Salford and Newcastle.
As Zoopla points out, though, the north east does not actually tend to rank as a fast-selling place under normal market conditions: “It’s unusual to see places like Newcastle, North Tyneside, Gateshead and Carlisle ranking among our fastest markets.
“These aren’t places where homes have sold particularly quickly in the past, but it reflects the current strength of cheaper housing markets.”
Why is Liverpool housing market so fast?
Liverpool’s property market is appealing for a number of reasons, which can explain why homes are snapped up so quickly there. For a start, in terms of pricing, it is one of the most affordable major cities in the UK, with property values remaining well below the UK average despite having seen significant uplift in recent years.
It tends to be a cheaper place to buy than neighbouring big city, Manchester. However, as employment prospects have grown significantly in Liverpool thanks to regeneration and investment over the past decade, it can offer an appealing alternative as a north west city.
Property investors have been particularly attracted to some of the recent large-scale regeneration projects in Liverpool recently, with the Liverpool Waters site bringing hundreds of new homes as well as multiple businesses and infrastructure improvements. These projects have sold out quickly, adding to the speed of the overall market.
BuyAssociation has a number of exciting projects available to investors in Liverpool and Manchester, as well as other key locations across the UK. Browse some of our current opportunities, or get in touch for more information.
