Manchester saw house prices rise by almost 9 per cent over the past year, but it’s done nothing to slow down interest
In a report from Post Office Money Mortgages, homes in Manchester are among the most popular in the UK.
The report examined the average time a property takes to sell in 20 major cities across the UK and found that the average property takes 91 days to sell.
And despite the average house price in Manchester rising by 8.9 per cent, to £149,722, properties are still being snapped up two weeks faster than the national average, selling in just 77 days.
This marks a 22.7 per cent decrease on the previous year, where house hunters had 99 days on average to find their new home.
That puts Manchester as the 11th fastest city in the UK, quicker than the second city, Birmingham, where it take son average 80 days for a home to sell and Liverpool, where it takes 108.
But this was still not quick enough to match Bristol and Edinburgh, which topped the list of 20 cities, with homes selling in just 51 and 53 days, respectively.
Cassie Sugrue, from JP & Brimelow in Didsbury, said: “We kind of class Didsbury as a mini London really as they go quite quickly, compared to other areas.
“We’re coming up to a bit of an awkward time with Christmas coming up, properties are staying on the market a little bit longer.
“But yes, two weeks is the maximum time, if they are priced correctly. If a house doesn’t sell in Didsbury it’s because they aren’t priced correctly.”
John Willcock, Head of Mortgages at Post Office Money, said : “House prices continue to rise across the country but eager sellers should remember that this might not be any guarantee of a successful sale.
“The attractive asking prices can lead many people to put their property on the market, leading to competition in the local market. Even property hotspots such as London are not necessarily guaranteed to sell quickly.”
In contrast, the housing markets in Brighton and London, some of the best performing areas since the financial crisis, have seen the sharpest increase in the typical time that properties have spent on the market.
Brighton saw a 24 pc increase in time on the market, while the capital suffered a 20 per cent rise.
John added: “In the final months of 2016 and in to the New Year we can expect this slowdown to intensify, with economic uncertainty adding to the current pressures faced across the market.”