Homes are selling at fastest rate ever as demand hits an all-time high

It now only takes a record 57 days to sell a home due to a shortage of listings and unprecedented levels of demand...

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The time it takes to sell a property is the fastest ever measured, thanks to a shortage of homes being listed for sale and unprecedented levels of demand.

New figures from Rightmove reveal the average time to sell a home stands at 57 days this month, down from 60 days last month. At the same time last year, properties were listed on average for 65 days.

The pace of confirmed sales - the fastest since Rightmove began monitoring it in 2010 - is in part due to higher stamp duty rates and a buy-to-let surge that has fuelled a shortage of lower-priced homes for sale, along with huge demand from would-be buyers thanks to cheaper mortgage offers.

Miles Shipside, Rightmove director and housing market analyst, says: “In many parts of the country, the over-riding factor of supply outstripping demand has so far overcome buyers’ usual reluctance to make major financial decisions at times of political uncertainty.

"Most seem to be getting on with the certainties they can control, namely, if you find a suitable property snap it up. Indeed, the figures for average time to sell indicate that properties are being snapped up more quickly than ever.”

Fewer new sellers are coming to market, with this month’s numbers being 5.3 per cent below the monthly average for this time of year since 2010. The most reluctant to sell are owners of homes, with four or more bedrooms, with 6.6 per cent fewer sellers over the same time period.

Although in some parts of the country, prospective buyers are putting in offers within hours or days, Rightmove's average is drawn from all properties and the timescale is from when a property is first marketed on Rightmove to when the estate agent marks it as “sold subject to contract”.

Meanwhile, the value of an average UK home coming to market rose to a record high of £310,471, according to the data.

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