More people are moving out of London and choosing to buy their homes in regional cities, according to new research.
The study, by Strutt and Parker, found it now takes four weeks less to sell a house in the UK now than it did five years ago. The average time taken for homes to go from "on sale" to "under offer" is now 61 days, compared to 87 days in 2012.
The speediest markets were regional cities, with houses in Bristol taking only 34 days on average to sell. Coventry and Edinburgh followed close behind, with homes selling in 35 and 36 days respectively.
Other cities attracting buyers quickly included Gloucester, Portsmouth, Southampton, Birmingham and Norwich: properties in those locations all sell in under 44 days, the study suggested.
James Mackenzie, head of country houses at Strutt & Parker, said: “There are several cities that are now seen as alternatives to London; they offer career opportunities, a contemporary lifestyle and appeal to people who have been priced out of the capital’s housing market."
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Since 2012, the biggest improvements in selling time have happened up north, with the time taken to sell in Glasgow falling 56 days, from 93 to 37 days. There was a 53-day decrease in Edinburgh, with selling times falling from 89 to 36 days. These improvements are both over double the UK average of a 26 day decrease to sell over the past five years.
Stephanie McMahon, head of research at Strutt and Parker, said: “Property sales in Scottish cities have been adversely affected by the independence referendum and volatility in oil prices. It is good to see that some of the uncertainty has come out of the market.”
The research showed Oxford, Cambridge and Aberdeen were the only UK cities with slower property markets than in 2012.
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