UK homes sell 16 days faster now than they did last year, according to new research from estate agents.
The report from Move with Us shows that the average time it takes to sell a property in Britain has reduced to 88 days, 15.38 per cent faster than the same time last year and the fastest selling time recorded since 2007.
The agent attributes the improving conditions to the rising demand from buyers, which has been encouraged by the more readily available funding. With that demand pushing up house prices, sellers are also becoming more confident and more willing to list their homes on the market.
Properties in Greater London sell the fastest, in an average of just 43 days (in the second quarter of 2014). London is followed by the South East and East Anglia where the selling times for Q2 2014 were the fastest in five years, taking an average of 59 and 68 days respectively.
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. However, this was still 50 days (26.6 per cet) quicker in a yearly comparison and the second biggest change outside of Greater London since 2007.
Robin King, Director at Move with Us, said: "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 donât 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."