Manchester Properties Now Selling 3 Times Quicker Than the Capital

Research conducted at the beginning of 2018 has revealed that Manchester is storming up the selling ranks. As we all know, the price and location of a property is the biggest contributing factor to a sale. For years now it is common knowledge than London has always been a fast-paced market but according to findings, this might be changing with Manchester rising dramatically in popularity.

On average in the UK, commercial properties take around 6 weeks to sell from the first day they are put on sale, with the more desirable locations – such as the Capital – seeing the fastest completion times. The new analysis, which reviewed thousands of properties across the UK from listing to marked off as ‘under offer’ has shown a sizeable change in trend.

Three noticeable London areas (West, North-West & South West London) were all listed in the slowest 10 postcode areas for property sales, however, West London was listed at the very bottom of the list following properties spending an average 107.9 days on the market up until December 2017.

When monitoring London specifically, it saw a drop in property prices for the first time since 2009, showing price drops of 0.5% over the course of the year to £470,922. Despite this still being over the UK average, it highlights the potential of a slow in desire for capital based commercial and residential property.  

At the other end of the list, results show that the top 3 sellers in the UK were Northampton (a total of 31 days), Coventry (a total of 31 days) and final Manchester (a total of 36 days before going under offer) – three times faster than certain areas of London.

As you know, having the knowledge – whether in residential or commercial property management – of how long a sale can take is invaluable information for anyone when trying to sell or buy real estate. Research like this can provide vital insight into local markets as well as a solid basis to judge where to make investments. The speed of sale is a great source of intelligence for any property flipper but it is also key for the everyday person as it could offer the information that makes the difference when snapping up or missing out on an ideal property.

Looking back into 2017, Post Office Money did in fact note Edinburgh as the fastest place to sell a property in the UK following analysis on the time taken for sales to go through. This research also highlighted the same patterns as the above report, with Manchester showing a rise in comparison to softening London markets. Therefore, if you’re looking at buying commercial property, Manchester currently offers a great possibility for invest. A boom marketing means faster letting and quicker sales.