If you’re thinking of moving in 2023, you might have already started searching for your next home. In spring, we start seeing more properties listed for sale, and competition between buyers for the homes available is traditionally at its peak.
This time last year, homes were selling more quickly than ever and at record prices, with the average time to sell taking just 42 days at this time last year.
But we’ve moved into a much more settled property market. Home-buyers are taking their time to work out exactly what they can afford, and find a home at the right price before making an offer, due to the higher cost of repaying a mortgage. And this has resulted in the average time to sell a home lengthening to 66 days.
However, this number is just an average of what we’re seeing nationally, and trends will differ based on where you’re looking for your next home. Things like house prices, and the time it takes to sell a home, can be different from one town to the next, and even from street-to-street. This is often dependent on factors like availability of homes for sale, the popularity of the location, and how affordable properties are. You can read more about average house prices in our monthly House Price Index.
This is why estate agents are advising home-sellers that setting a realistic asking price when first listing their property is key to finding the right buyer more quickly.
Despite this year’s calmer market, there are some areas that are seeing homes sell more quickly in 2023 than they were during the same period last year.
So where are homes selling faster now than they were in 2022? Take a look…
|Area||Avg days to sell Jan 23||Avg days to sell Jan 22||Annual change||Avg asking price Jan 23||Avg asking price Jan 22|
|Jesmond, Newcastle Upon Tyne||33||64||-31||£353,323||£354,090|
|Fenham, Newcastle Upon Tyne||33||55||-21||£147,831||£140,648|
|Hoole, Chester, Cheshire||32||48||-17||£296,959||£265,684|
|Burnham, Slough, Berkshire||40||55||-15||£486,668||£464,025|
|Warley, Brentwood, Essex||49||63||-14||£493,732||£482,292|
Where are homes taking less time to sell?
In the leafy pocket of Jesmond in Newcastle-upon-Tyne, you can find large Victorian terrace houses with high ceilings and original features, as well as modern maisonettes and flats. Average house prices are £353,323. At the moment, it takes on average 33 days to sell a home, compared to the national average of 66 days.
Local agent Ben Bailey, of Bailey & Co in Jesmond, says: “Jesmond is a unique area, that has a wonderful culture of independent shops, restaurants and cafes, and top North East schools, including an outstanding state primary school. The area is surrounded by greenery, including Newcastle’s Town Moor and Jesmond Dene, while also being in walking distance of the city centre. There are three metro stations in Jesmond, which can get you to the city centre in a couple of minutes, or in a few more, to Tynemouth beach and Newcastle Airport.”
“Jesmond is predominantly made up of Victorian terraced houses in various sizes, from stylish apartments to large family homes. As well as rented student accommodation, the area is home to many young professionals and families,” he adds.
Fenham, also in Newcastle, has seen a three-week reduction in the time it takes to sell a home, compared to the same period in 2022. The average house price in Fenham is £147,831, which is more than £200,000 less than the current national average house price of £362,452.
Local agent Tim May, Director at Breckon & Breckon in Witney, says: “Carterton is a small town in west Oxfordshire with easy access to Witney and the Cotswolds. It has always offered relatively affordable housing compared to other towns in the region, making it an attractive place to live for those looking to buy or rent a home. It is known for its strong sense of community with many local events and initiatives, bringing residents together. And it has recently seen several new homes developments.”
Found on the edge of historic Chester, Hoole is a characterful village found just a mile from the city centre. The average asking price of a home is around £297,000, and property types include 19th-century terraces with period features, and renovated 1930s semi-detached houses. Homes here are taking just 32 days to sell on average.