According to the property site Zoopla, two-bedroom terraced houses are this year’s fastest-selling property type (from April – June 2024). Two-bed properties in England and Wales usually secure an offer within just 27 days of going on the market, which is significantly faster than the national average of 32 days to sell a home. This highlights the growing demand for these types of properties so…
Why are 2-bedroom terraced homes selling so quickly?
There are a few factors that contribute to the fast sale of two-bedroom homes. First, these properties offer both affordability and practicality, which makes them appealing to first-time buyers and downsizers alike.
Many buyers are seeking to get on the property ladder at a lower price point, so these homes are an ideal option for budget-conscious buyers. This is especially in regions where bigger, more expensive properties are made unattainable due to rising mortgage rates.
Another factor in their popularity is the scarcity of 2-bed homes listed. Only 7% of properties on the market from April-June 2024 were two-bedroom terraced houses. This creates a competitive environment where buyers must act quickly to secure their chosen property. An imbalance between supply and demand is essentially what has increased the speed at which these homes are being sold.
At the other end of the scale, 4-bedroom detached houses are currently the slowest-selling property type in the UK. As these properties often come with higher price tags, they are less attractive to budget-conscious buyers so they take an average of 47 days to sell. This could also be due to higher interest rates on mortgages plus the cost of living crisis may mean many prospective buyers can’t afford to buy or run a larger home.
Those who are in the market for larger property are also likely to spend extra time considering their purchase. Previously there was a rush to purchase before stamp duty incentives deadlines during the pandemic plus, interest rates (and therefore mortgage repayments) were also much lower.
How does this vary by region?
Of course, the case differs from area to area so there will be regional variations in the time it takes to sell a property. It may seem obvious but higher-priced homes in London and the South East take longer to sell. Whereas, houses in areas like the West Midlands and Scotland are selling significantly faster than the national average, which is influenced by local market conditions, demand and affordability.
For example, in Scotland, properties are usually under offer in just 22 days, which is 10 days quicker than the UK average. It’s a competitive housing market with strong demand and the property prices are relatively affordable which will speed things up. Plus, Scotland’s “offers over” system encourages swift decision-making among buyers and streamlined legal processes help to facilitate quicker transactions.
Are there any other factors which can impact how long it takes to sell your home?
In addition to the popularity of certain property types, there are several other key factors which influence how long it takes to sell a home:
- Pricing: Setting the right price is crucial. Over-ambitious property prices mean some homes may be stuck on the market for a longer period, while competitively priced houses will attract offers quickly.
- Location: Homes in popular areas with good transport links, schools, and amenities tend to sell faster.
- Condition: A move-in-ready home is more attractive to buyers, which can help to reduce the time it takes to secure a sale.
- Market conditions: Broader economic factors, such as interest rates and employment levels, can affect buyer confidence and, subsequently, the time it takes to sell a property.
Top tips for selling your property as quickly as possible
If you’re looking to sell your property quickly, here are some top tips to consider:
- Choose the right agent: Select an estate agent with a good track record in your area. Their local knowledge and specialist marketing expertise can be invaluable in selling your home quickly.
- Price it right: Set a realistic and competitive price. Overpricing can put off buyers, while a fair price can generate more interest and lead to a quicker sale.
- Enhance kerb appeal: First impressions matter so boost your property’s kerb appeal by tidying up the garden, painting the front door and making necessary repairs.
- Stage your home: Declutter and depersonalise your interior to make it more appealing to potential buyers. Consider minor decor upgrades, such as fresh paint or new fixtures so that it’s move-in ready.
- Professional photography: High-quality photos can make a big difference in attracting potential buyers, who will no doubt be browsing online.
- Be flexible with viewings: The more accessible your home is for viewings, the faster you’ll receive offers as more people will get to see it. An open house can generate a lot of interest and result in a bit of competitiveness amongst potential buyers.
So, whether you have the currently favoured 2-bedroom terraced home or not, if you’re considering selling your property, you can help it to sell more speedily by paying attention to pricing and presentation. Let me know what you’ve done when selling your home in the comments below, I’d love to hear your home-selling hacks!
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