What type of properties are selling the fastest now?
The type of properties that are selling the fastest right now might surprise you.
House prices rising
It comes as there are 70 British local authorities where house prices have risen, bucking the overall trend.
For example, house prices have risen by 10.7% in Moray, Scotland, with the region ranking third highest for property price rises in the UK.
However, the biggest falls in house costs came in the south east of England, with a 5.7% drop, and in the south west of the country with a 5.5% decline.
To confuse matters further house price growth returned in October due to ‘constrained supply’ of properties.
Lender Nationwide said a lack of properties had driven the turnaround, but others have credited the recent shift in policy at the Bank of England.
What type of properties are selling
Small houses are selling more quickly than flats or larger houses as the changing housing market puts value for money at the top of buyers’ lists, according to Zoopla.
Two bedroom terraced homes are now selling the fastest in 8 of 11 UK regions, at an average of 28 days.
Key points
These are the key findings from Zoopla’s report.
- Two bedroom terraces are selling more quickly than any other property type in 8 in 11 UK regions
- It’s the only type of property you can expect to sell within a month (between listing for sale and selling subject to contract)
- Three bed semi-detached houses are taking 32 days to sell – a full two weeks longer than last year
- One bedroom flats sell in 37 days on average, an increase of nine days on last year
- Detached houses with 4+ bedrooms are the slowest property type to sell, taking 47 days on averag
Related: Average house price increase in your area by 2028 is revealed
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