Branch Manager – Leaders, Norwich
Leaders in Norwich is finding buyers are snapping up properties faster than before, and this view is supported by the latest industry statistics.
The Time On Market Report has revealed the average time a property stays on the market in the city is now 139 days, down from 168 days in January 2014.
What’s more, it seems certain types of properties are proving increasingly irresistible to buyers, with the time they are available being slashed in comparison with last year.
For instance, terraced homes in the city are now on the market for a typical duration of 109 days, which is 36 per cent shorter than the 169 days reported 12 months ago. And flats are up for grabs for 23 per cent less time than last year, with apartments selling after an average of 150 days.
Of course, some of the differences between various property types can be explained by the number of buyers searching for each. There will understandably be more people who can afford and would like to buy a two-bedroom property (which currently takes an average of 133 days to sell) than there are those who are eyeing a five-bedroom house (196 days).
If you are thinking of making a fresh start in 2015, a substantial reduction in the amount of time it takes to sell is undoubtedly good news, as it could leave you free to make your next move sooner than you think.
At Leaders, we have noticed that many of the properties we are selling are actually being sold even quicker than the impressive market averages detailed in the Time On Market Report.