Looking to sell and sell fast? Learn which homes in the UK are being bought the quickest within 30 days of hitting the market.

Key Takeaways

• 2-bed terraced homes are the fastest to achieve an offer: 6 in 10 sell within 30 days.
• Larger, detached homes with 4 bedrooms or more take 40 days to sell on average.
• Time to sell varies by location, influenced by stock type, demand, and pricing.
• Expect slower home sales in the latter half of 2024 as buyer demand decreases.
• Half of sales agreed happen within 30 days of listing.

Speedy Home Sales: A Myth?

When it comes to house sales, you’d be forgiven for thinking they all take a lengthy amount of time. But according to our research, this isn’t always the case. We found that 49% of sales agreed in England and Wales occur within 30 days of the home being listed for sale. In Scotland, the stats are even more impressive, with 75% of homes being sold within a month. This is because homes there are marketed with a valuation and survey upfront, which tend to allow for a faster time to agree a sale.

Ultimately, how fast a home will sell can only be judged on a case-by-case basis. It depends on the asking price, property type, size, condition, and local demand for each type of home. Setting the right asking price from the start is perhaps the most important to securing a faster sale. In England and Wales, the current gap between the fastest and slowest-selling property types is almost two weeks.

Fastest-Selling Property Type

Between April and June 2024, 2-bed terraced homes were the fastest-selling property type on Zoopla in England and Wales. The average time to agree a sale on this property type is 27 days, which is five days faster than the national average of 32 days. To complete a sale, sellers typically need another four months, depending on the complexity of the transaction.

In the past three months, 6 in 10 of sales agreed for 2-bed terraced homes were within a month of listing. But why do they sell so fast? The simple answer is that 2-bed terraced homes appeal to various types of buyers. They're a good value-for-money option for first-time buyers with limited funds, and for downsizing empty-nesters who aren’t ready to give up features like a garden. They’re also relatively rare. Only 7% of homes that came on the market in the last three months were 2-bed terraces. This drives up competition.

2-bedroom terraced homes have consistently been the fastest-selling type of home in more expensive regions (London and East of England) over the last six years. Now, they’re also the fastest-selling type of home in more affordable regions. This signals a shift in buyer requirements in the face of higher borrowing costs.

Fastest Selling Property Types

In addition to 2-bed terraced homes, other property types that sell quickly within a month include:

• 2-bed semi-detached homes
• 3-bed terraced homes
• 3-bed semi-detached homes

Collectively, these four property types make up 46% of UK homes, but only 32% of all homes listed for sale. This mismatch signals an undersupply of more affordable family homes, which encourages stronger competition amongst buyers. People looking to sell these types of homes can expect more early offers than owners of larger houses and flats—as long as they price their homes correctly.

Slowest-Selling Property Type

Detached homes with four bedrooms or more take the longest time to find a buyer, with an average of 40 days. This is 13 days slower than 2-bed terraced homes. Earlier this year, we reported a spike in supply of 4-bed homes for sale, boosting the choice for those looking to buy large homes. This, combined with weaker demand due to higher mortgage rates, means buyers take longer to decide to buy larger homes.

Regional Variations in Time to Sell

Our research also shows local variations in time to agree a sale, with available stock type, demand, and pricing playing a role.

• North East, Yorkshire and the Humber, West Midlands, and parts of the London commuter belt: 2-bed terraced homes are most popular.
• North West (Manchester, Liverpool, Warrington): Flats are the fastest-selling property type.
• UK Major Cities: 3-bed homes are the fastest-selling.
• Cambridgeshire, mid-Wales, Northamptonshire, Scottish Highlands: Terraced and semi-detached homes with four bedrooms or more are currently the slowest-selling, but also find examples of these homes as the fastest-selling in certain areas.

Future Trends in Time to Sell

How long it takes to sell a home varies from season to season. Typically, homes sell a week faster in the first six months of the year and we can expect fewer homes to achieve a sale within 30 days in the coming months of 2024. Mortgage rates have fallen to an average of 4.5-5%, which is enough to support more sales. A cut to the base rate this year could boost market sentiment, and support demand and the pace at which sales are agreed.

Homes that are not well-presented or priced incorrectly for the local market will continue to take longer to achieve a sale or may not sell at all. Homes that have had to undergo an asking price reduction of 5% or more are taking an average of 70 days to agree a sale, which is over twice the average. This shows the importance of talking to local estate agents to decide on the most suitable asking price. It gives you the best chance to attract buyer demand and boost the possibility of getting a sale agreed.

Thinking of Selling?

Get the ball rolling with an in-person valuation of your home. It’s free and there’s no obligation to sell if you change your mind, and take the first step towards a quick and successful home sale.

Adapted from Zoopla