Cambridge Tops List of UK Towns and Cities Where Properties Sell Fastest
Despite the fact that almost all of the UK’s focus appears to be on the London housing market at present, it is in fact Cambridge that should be taking the accolades.
Cambridge Houses Sell Faster Than London
According to a recent survey, Cambridge now has the hottest property in the UK, and it even beats London as the place where houses sell the fastest in the UK.
Famous for its world class university and quintessential Englishness, it appears as though Cambridge is incredibly popular with buyers, with homes only taking on average 27 days to change hands. In greater London as a whole, this period of time is far greater, with an average of 41 days.
AzstraZeneca Help Fuel Demand
The results of the survey really should come as no surprise, especially as AstraZeneca had already pledged to make the city its new global hub. In addition, if you add affordable student housing into the mix alongside a proposal for a new £26 million railway station, you provide the perfect condition for buyers.
Buyers Paying Above the Asking Price
At present in Cambridge, it is not uncommon for bidding to force buyers paying above the asking price, all within two weeks of a property going on the market.
Unsurprisingly, outside Cambridge, the next two fastest selling areas on the list fall within London, with the boroughs of Lewisham and Sutton appearing joint second, with the average time taken to exchange contracts standing at 29 days.
Selling Times Fall Across the Country
On the whole, the market still looks incredibly positive right across the country, and selling times have fallen across the board. However, having said that, London still outpaces the rest of the nation, with completion times falling by 32% compared with 2012, meaning that the physical time it took to close sales fell from 60 days to a mere 41 days.
At the opposite end of the scale, North Wales is the place where it takes the longest to close a sale, with properties taking 113 days on average.
Although this shows us that there is a disparity between moving times, it is clear that the UK housing market is still hot and, in places like London and Cambridge especially, it shows no sign of slowing down any time soon.