PROPERTIES in the South West are selling faster than they have for five years according to new research.
The latest data from the Move with Us market review showed that the average time it takes to sell a property in Britain has reduced to 88 days, 16 days faster (15.38 percent) compared to the same time last year.
In the South West agents are taking an average of 79 days to move each property. The last time they sold this quickly was in May 2009.
Properties in Greater London were selling the fastest in the second quarter of 2014 with an average of just 43 days.
At the other end of the spectrum, properties were slowest to sell in the North East where the average selling time reached 138 days in the second quarter of 2014.
At Perry Bishop and Chambers renewed confidence is evident in strong sales. In July, the Cirencester team was celebrating 31 sales in 31 days.
Ian Perry, director of Perry Bishop and Chambers, said: “It is good to know that the time taken to sell a house is shortening. This in turn means that fewer sales fall through as there is less time for people’s circumstances to change or for them to have a change of mind.
“There are some problems due to a shortage of conveyancing solicitors and qualified surveyors, and the process tends to slow a little through the summer due those involved in the process taking their holidays. This is another reason for vendors to use a substantial and established estate agent who has the right connections to influence all parts of the process.”
He added: “It is a further indication that the economy generally and the housing market particularly are return to normality.”
Robin King, director at Move with Us, said: “The market has gained a spring in its step thanks to increased confidence and more readily available funding bringing more buyers to the market.”
He added: “The average selling time is now almost back to the pre-crash levels of 2007.
“Due to faster timescales, buyers should do all they can to get ahead of the competition and make sure they secure their dream home.
“Buyers can get financially qualified and legally prepared when they first start looking to buy. This will help to make sure they don’t miss out on their chosen home as they will stand out as a serious buyer and it will have the added benefit of working to reduce timescales.”