Data reveals that almost 1 in 5 homes are being sold within 14 days

​​The latest data on property sales has revealed that due to stock shortages, we are seeing 1 in 10 homes (11%) being acquired within 14 days of entering the market. In some areas, this increases to 1 in 5, with the pandemic property market boom taking effect. This market boom shows little sign of slowing, despite a thread of interest rates adding to an already uncertain economic outlook.

With limited stock available, homebuyers are battling it out to get their hands on their next home, so GetAgent analysed the level of new properties hitting the market, and how quickly they sold subject to contract (SSTC).

The average home seller is looking at 97 days from when their home is first listed for sale until they find a buyer and their property is marked as SSTC. However, when analysing the UK as a whole, 11% of all homes listed for sale were under offer or marked as SSTC within only two weeks.

The slowest market might come as a shock

The slowest market might come as a shock, as London takes the spot with only 7% of all homes sold within two weeks. London's expensive and unaffordable housing market is likely to be the cause - especially with the latest increases in inflation.

The only other city with a market slower than London is Belfast, where not even one home currently listed for sale has sold within two weeks of being put on sale.

The regional market - where is the hottest?

When analysing the market regionally, Scotland is currently home to the hottest market, where the amount of new homes sold within 14 days is as high as 18%.

Other statistics show that in the South West, 13% of properties are being purchased within two weeks, whereas in Wales, the West Midlands and East of England, it’s 12%.

Although London has seen a slow market, other prominent cities have the opposite experience, with Edinburgh (23%) and Glasgow (19%) remaining top of the table. Both cities saw the highest proportion of for-sale stock selling within two weeks of being listed for sale.

Other cities, such as Bristol, make up the top three of the market at 16%, while Portsmouth and Birmingham are also among some of the most likely cities to see a home sell instantly.

“Buyer demand remains extremely high and property values are yet to show any signs of decline” - GetAgent CEO Colby Short

“Since interest rates have begun to climb, the nation’s property prophets have been out in force to once again call the demise of the UK property market. However, we’re simply not seeing this on the ground and while there has certainly been a return to normality where mortgage approval levels and the rate of house price growth is concerned, buyer demand remains extremely high and property values are yet to show any signs of decline.

In fact, the balance between supply and demand is so out of kilter that homes are selling subject to contract at pace and in many areas, with one in five doing so within just two weeks in some cases.

Of course, this doesn’t make the protracted process between accepting an offer and completing on a sale any quicker, but it does cut a considerable amount of time from the overall selling timeline.”

Data and Methodology

Market proportion based on the number of homes that have already been marked as SSTC as a percentage of total homes in the last 14 days.

All data sourced from Rightmove - 17/06/22