Burnley is the fastest paced property market, while it takes nearly twice as long to sell a home in Blackpool

In the latest edition of the OnTheMarket Under Offer Index, we see where UK properties received an offer the fastest, and where it took longest to reach an acceptable offer.

Our Under Offer Index shows properties in Burnley were, on average, quicker to generate an acceptable offer than anywhere else in the country. Their average transaction time – measured from when a property first goes on the market to an offer being accepted or sold subject to contract (SSTC) – is a speedy 36 days, down from 44 days in October 2023. Six in ten (62%) Burnley homes took just 30 days to receive an acceptable offer.

Newcastle upon Tyne came a close second with homes taking on average 37 days to agree a sale (compared with 43 days last year), followed by Gloucester, Portsmouth and Northampton, each with an average under offer time of 40 days (all faster than last year where it took 50, 61 and 42 days respectively).

Meanwhile, the seaside resort town of Blackpool proved to be the slowest sales market in October with vendors taking on average 70 days, or more than two months, to agree a sale, nearly twice as long as in Burnley. Less than a quarter of Blackpool homes (21%) sold within 30 days.

Aldershot is the second slowest region with vendors taking 60 days on average to agree a sale, followed by Brighton (59 days) while Derby, Wigan, Milton Keynes and Huddersfield all took 58 days.

Average figures can conceal substantial local differences, even within the same city. The City of London was the fastest London borough with the average under offer time taking 17 days in October, compared with the slowest borough, the City of Westminster, where it took 78 days for a property to go under offer. However, these figures need to be caveated as the lack of residential stock and transactions in the former has skewed the data.

Perhaps more in keeping with the rest of London is second-placed Richmond upon Thames where it took 40 days on average to generate an offer, followed by Barking and Dagenham and Redbridge (46 days apiece), and Bexley (47 days).

Jason Tebb, president of OnTheMarket, says: “It is difficult to draw geographical trends from our data – with a good mix of northern and southern regions on our list of fastest and slowest places to agree a sale, it looks as though under offer speed is down to local markets. Several factors come into play including demand, stock levels, competition among applicants, pricing and affordability.

“While the Burnley property market appears to be moving briskly, this is not much comfort to sellers in nearby Blackpool, where the pace is much slower. However, if you happen to be in an area where the market is moving slowly and you need to transact quickly, you can help speed up the process.

“Sellers should seek the advice of an experienced local agent, helping them set the price of their property correctly before marketing commences. Buyers should get their paperwork in order before embarking on a search, using a mortgage broker to sort out finance if required, hiring a good solicitor and responding to any enquiries in a timely fashion.”

Aldershot the fastest moving market for rentals, while Blackburn lags

High demand for good rental property continues across the country but in some hotspots, tenants must move particularly quickly to secure a home. Prospective tenants in Aldershot have to move the quickest as a property was let within 10 days, on average, of being advertised in October. This was half the time it took in October 2023, when it was 20 days. It took 14 days to let a property in Mansfield and Plymouth, 15 in Newcastle upon Tyne and 16 days in Gloucester, Crawley and Exeter.

At the other end of the spectrum, Blackburn tenants have more than three times as long to make up their minds with properties renting, on average, within 34 days. In Huddersfield it took 33 days, followed by 31 days in Middlesborough, 30 days in Burnley and 29 days in Leicester, Derby, Bradford and Sunderland.

In London, Lambeth is once again the quickest place to secure a rental property, taking an average of 17 days, the fastest across the city. Last year, it also topped the London table, taking 15 days for a property to let.

Meanwhile, in the slowest borough, Kensington & Chelsea, it took exactly twice as long – 34 days – with City of Westminster and Barnet taking a slightly shorter 31 days, and Harrow taking 30 days. These are all slower than last year’s rental markets where it took 28, 29, 21 and 22 days respectively, suggesting pressure may be easing on tenants.

Jason Tebb comments: “The rental market is still highly competitive with some unlucky tenants having very little time to make a decision, particularly if they want a good property at a reasonable price. As with buyers and sellers, it helps to be organised, getting paperwork together in advance, having the funds on hand to cover the deposit, and ensuring you can move quickly if required.

“With tenants often able to be more flexible than buyers when it comes to location, if you are looking in one of the hottest parts of the country it may be worth considering a neighbouring area which is a bit further out where there is less pressure to transact quickly.

“It is also good practice to get local letting agents on side so that when a property that suits you and is within budget becomes available, you are at the front of the queue.”