Aberdeen is the UK’s latest property hot spot with properties in parts of the city selling in an average of just nine days, according to research from Move with Us in conjunction with Home.co.uk.
Three postcodes in Aberdeenshire have been revealed as the fastest selling areas; properties are selling in an average of just nine days in AB22, with AB12 and AB32.
Other fast moving locations in the UK were identified as Sutton (SM5), closely followed by Cambridge (CB1) and Bristol (BS7). The highly-skilled workforce in Cambridge combined with fast commuter times to London, have been cited as the principal reasons for its quick property sales. Whereas the shortage of properties for sale combined with increased buyer numbers due to Help to Buy, have created a fast paced market in Bristol.
It will come as no surprise that properties in London were also among the fastest sellers in the country, with the top areas highlighted as Bexley (SE2), Southwark (SE17) and The City of London (EC4), taking an average of 13, 17 and 20 days to sell respectively.
Robin King, Director, Move with Us, commented: “The postcodes in the top 20 highlight areas where there is a skilled workforce, indicating higher wages and subsequently a fast paced property market.”
“In such a fast moving market, for a buyer to be in with a chance of securing their ideal property, they will need to ensure they have a mortgage agreed in principle and are legally prepared early on in the process so that contracts can be issued by their solicitor within 48 hours of an offer being accepted. Without these things in place, buyers will often lose out to cash buyers and savvy investors.”
Bob Fraser, Senior property partner from Aberdein Considine, said: “Demand in the current market is predominantly in flats anywhere within a commutable distance of Aberdeen. The region attracts a large number of highly paid workers in the oil and gas industry. Due to high rental yields in the region, the higher level workers in the industry often buy property and lease it to the newcomers who are often on shorter contracts.”
Britain's fastest selling postcodes:
No. Postcode Place Days to sell Ave Price
1 AB22 Aberdeen 9 179,458
2 AB12 Aberdeen 12 280,377
3 AB32 Aberdeen 12 319,000
4 SE2 London 13 235,249
5 CB1 Cambridge 16 303,201
6 SM5 Sutton 16 455,476
7 AB16 Aberdeen 17 127,750
8 SE17 London 17 399,970
9 BS7 Bristol 18 244,373
10 AB10 Aberdeen 18 201,684
11 BS3 Bristol 18 178,969
12 SL8 Slough 19 886,898
13 TW14 Twickenham 19 281,237
14 EC4 London 20 1,504,607
15 GU7 Surrey 20 441,312
16 SM3 Sutton 20 415,815
17 SM6 Sutton 21 346,882
18 TW2 Twickenham 21 533,121
19 AB21 Aberdeen 21 197,000
20 CB4 Cambridge 21 279,097
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