Wigan homes are fastest selling in the country
Wigan has been crowned the fastest-moving property market in England and Wales, with homes typically selling in less than a month, new research has revealed.
Figures from property website Zoopla showed that homes across the borough are snapped up within an average of 26 days of being on the market, which is 18 days faster than the country’s average house purchase time of 44 days.
The fastest selling homes across Wigan are three-bedroom semi-detached properties, and the fastest selling properties typically sell for anywhere beween £100,000 and £150,000.
Zoopla suggested that Wigan is appealing to buyers because demand has also grown in areas adjacent to fast city markets such as central Manchester, as successive lockdowns have caused buyers to shift their focus to less urban areas.
Redditch in the West Midlands, Knowsley and Salford in the north west, Sheffield, and Medway in the south east, all tied for second place, with homes spending an average of 27 days on the market before being sold subject to contract.
The top 20 hottest housing markets were dominated by northern regions, with the Isle of Wight and Bristol joining Medway to be the only locations in the south to make it on to the list, according to Zoopla.
Gráinne Gilmore, head of research at Zoopla, said: “We have observed the time taken to sell a home changing in many areas during Covid-19 pandemic.
“While the number of days it takes between listing a property to agreeing a sale in one of the traditionally fastest-moving moving markets such as Manchester, Liverpool or Sheffield has stayed the same, sellers in some adjacent areas may now see their properties selling just as quickly.
“Buyers will have to move fast, but the speed at which this stage of the buying process is moving also means that those looking to take advantage of the stamp duty holiday extension will be giving themselves the best chance of doing so.”
The pandemic and its subsequent lockdowns have led many people to carry out a once-in-a-lifetime reevaluation of their home and lifestyle, stimulating home moves and driving a search for space.
And the stamp duty holiday means that many first-time buyers and homeowners looking to move are keen to buy a new home in time to benefit from the tax break.
The fastest-moving markets fall into three main groups: coastal areas, traditionally fast-moving markets within cities, and demand-driven regional markets.
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