Houses Sell Fastest In Cambridge
17 July 2014, 06:43
Houses sell faster in Cambridge than in any other part of the country, according to a new survey.
It takes 27 days on average for properties in the university city - home to many science and technology firms - to change hands, said property website Rightmove.
The slowest area for shifting a property is Powys in mid-Wales, where it takes an average of 113 days to sell a house.
But overall Rightmove found that the housing market has gained pace with properties across the UK on average selling ten days faster than a year ago.
Earlier this week data from the Office for National Statistics revealed that UK house prices rose 10.5% compared to a year ago, while prices in London jumped 20.1%.
This means that the average home in the capital now costs #492,000, compared to #262,000 across the country.
Next to Cambridge the two other fastest selling areas in the UK are the London boroughs of Lewisham and Sutton, taking 29 days in each case to exchange contracts.
The two slowest selling areas, apart from Powys, are Gwynedd in north-west Wales where it takes 112 days to complete a sale, and Sefton in Merseyside, where it takes 106 days.
Although selling times have fallen across the country, London has outpaced other regions with completion times falling 32% from 60 to 41 days.
The smallest fall was in the North East with a 2% drop from 90 to 88 days.
Rightmove director Miles Shipside said: ``This new data shows just how different the pace of the housing market is at a very local level, and clearly displays that speed is key for both buyers and sellers.
``Buyers want to know that they can be the first to find new properties on the market, and sellers expect to have their property marketed as quickly as possible to find a suitable buyer.''
Cambridge estate agent Andrew Bradshaw said the market was buzzing in the East Anglian city as it prepares to get a second #26 million railway station, called Cambridge Science Park, in 2015.
He said: ``In the current market we are finding a number of buyers for many properties within two weeks or even a week in some cases. Cambridge has always been viewed as a safe bet with the university and big businesses investing in the city, and with the upcoming additional railway station things are only likely to move even more quickly.''
Mr Bradshaw added he had a number of clients who had sold properties elsewhere, moved to the area, and were renting until a suitable house became available.
But Gwynedd-based estate agent Melfyn Williams said: ``The ripple effect from London and talk of a widespread 'over-heated' market has not reached Gwynedd.
``Whilst the number of sales has improved and some property is selling in days or weeks, the average time is three to four months to secure a sale, and there are many properties that have now been for sale for over 12 months.''