Home Sellers Achieve the Quickest Sale in Cambridge
When discussing the UK-property market, London is the location on the tip of everybody's tongue but Cambridge has just heated up the conversation. The university town has beaten all of London's boroughs for the country's quickest sale time with an average of 27 days between the property being listed and sold according to Rightmove.
Cambridge has consistently been viewed as a valuable property location with the prosperous business investment and the university. Now with the impending £26 million railway station, Cambridge is about to become even more desirable and things are anticipated to move even quicker.
However, the capital city's boroughs still proved to be prime location. According to The Telegraph, South London's Lewisham and Sutton boroughs followed Cambridge with an average selling time of 29 days. In fact, the south of London proved to have a particularly quick turnaround with 7 of the boroughs making the top 10 and only 2 boroughs (Hackney and Waltham Forest) north of the river.
The other non-London locations that proved to be desirable locations were Warwick (5th) in the West Midlands and St. Albans (7th), just north of London. The slowest selling areas include Powys in Mid-Wales with 113 days to sell a property, Gwynedd in north-west Wales, 112 days and Sefton in Merseyside where it takes 106 days to make the sale.
Overall, the British region saw an improvement for turnaround times with an average 65 days on the market to be sold, a 13 day improvement from last year.
However, London has outperformed the other regions with completion times falling by 32% from 60 to 41 days. The smallest decrease was in North East with a 2% drop from 90 to 88 days to complete a sale.
When it comes to the competitive and versatile property market, the quickest selling-time is a primary concern for both buyers and sellers. The buyers want to know that they can find new properties put on the market, and the sellers want to know they will find a suitable buyer quickly.
Rightmove believes that, despite some towns have seen an increase in sales time in 2013, the big picture shows that the housing-market recovery is broad-based and that consumer confidence is growing significantly.
But for the foreseeable future, Cambridge sellers are feeling confident and the buyers are becoming competitive. Andrew Bradshaw said that in Cambridge's current market they re finding multiple bid scenarios for a property within one to two weeks on the market. He added that many buyers are moving to the area are forced to rent until a suitable property becomes available in the city.